What Is the Difference in the Value of One November

question 61

Multiple Choice

What is the difference in the value of one November heating oil contract between this day's opening and closing prices?

• A) $59.40
• B) $249.48
• C) $2,494.80
• D) $2,970.00
• E) $5,940.00

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Definitions:

Continuous Uniform

A distribution that assigns an equal probability to all outcomes in a continuous range.

Random Variable

A variable whose possible values are outcomes of a statistical experiment, where the value is determined by chance.

Probability Density Function

A function that describes the relative likelihood for a continuous random variable to take on a given value.

Uniform Distribution

Describes a situation in which all outcomes are equally likely, such as the roll of a fair die.