Given the Possible Outcomes to a Lottery Being Only the Values

question 45

Multiple Choice

Given the possible outcomes to a lottery being only the values 2, 6 with equal probabilities, calculate the expected value, variance and standard deviation?

• A)EV = 4, variance = 16, standard deviation = 4
• B)EV = 4, variance = 4, standard deviation = 2
• C)EV = 4, variance = 4, standard deviation = 4
• D)EV = 3.5, variance = 4, standard deviation = 2

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Definitions:

Harry S. Truman

The 33rd President of the United States, known for his decision to use atomic bombs against Japan in WWII and initiating the Marshall Plan to rebuild Europe.

Soviet Union

A Eurasian socialist nation that was in existence from 1922 to 1991, formally called the Union of Soviet Socialist Republics (USSR).

Red Army

The army and air force of the Russian Soviet Federative Socialist Republic and, after 1922, the Union of Soviet Socialist Republics.

Japan

An island nation in East Asia, known for its rich cultural heritage, technological advancements, and as a leading global economic powerhouse.