A Die Has the Numbers 1, 2, 2, 3, 3

question 41

Short Answer

A die has the numbers 1, 2, 2, 3, 3, 3 on its six sides. If the die is rolled, what is the expected value and variance of the number showing?

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Definitions:

Interest

Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.

Lump Sum

A large single payment made at a particular time, especially in the context of paying off a loan or investing.

Compounded Quarterly

Interest calculation method where interest is added to the principal sum so that each quarter's interest earns interest in subsequent quarters.

Obligation

A legal or moral duty to do something or pay an amount to someone.