Number of Motorcycles the Probability Distribution of a Discrete Random

question 54

Essay

Number of Motorcycles The probability distribution of a discrete random variable X is shown below, where X represents the number of motorcycles owned by a family. {Number of Motorcycles Narrative} Apply the laws of expected value to find the following:
a. E ( X ²)
b. E (2 X ² + 5)
c. E ( X - 2)²

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Definitions:

Annuities

Savings vehicles that deliver scheduled payouts, commonly utilized for building retirement reserves.

Compute

To calculate or determine by mathematical methods.

Compounded Semiannually

Interest calculated and added to the principal amount twice a year, leading to interest on interest.

Present Value

The worth at present of an upcoming monetary sum or flow of cash, given a predetermined return rate.