Estimate the Variance for the Following Probability Distribution to Two

question 24

Multiple Choice

Estimate the variance for the following probability distribution to two decimal places. ​ ​

• A)1.89
• B)1.99
• C)1.41
• D)3.95
• E)1.00

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Definitions:

Income

The financial gain received by an individual or entity, typically through work, investments, or business operations.

Consumer Price Index

A measure of the average change in prices over time that consumers pay for a basket of goods and services.

Salary Equivalent

The equivalent annual salary amount for non-standard work arrangements when comparing to a full-time salary rate.

Price Index

A measure showing how prices change over time for a fixed basket of products, used to monitor inflation or deflation.