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On Any Given Day,a Salesman Can Earn $0 with a 20

Question 30

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On any given day,a salesman can earn $0 with a 20% probability,$100 with a 40% probability,or $300 with a 20% probability.Calculate the expected value and variance of his earnings,and interpret.

Correct Answer:

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E(X)= (0 ∗ .2)+ (100 ∗ .4)+ (300 ∗ .2)= ...

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