Answer:
Step-by-step explanation:
To find the population variance, we first need the mean:
so the mean is 7.2. To find the population variance (which is almost exactly the same as the sample variance except for a small difference in the denominators of the formula) we have to take each number minus the mean, and then square the difference. Add together all these squared numbers and then divide by the number of numbers. Like this:
Add together those numbers and divide them by 5:
Answer:
57
Step-by-step explanation:
The player has a 1/4 chance of drawing any of the 4 prizes. This means that the probability of drawing a prize of $4 is 1/2 because there are 2 prizes worth of $4. The probability of drawing a prize of $20 is 1/4 and the probability of drawing a prize of $200 is also 1/4. To find the fair price of the game, we have to calculate the expected value that the player will gain. This can be obtained by multiplying any possible value of a price for the probability of drawing a prize of that value and adding all the obtained values togueter. Thus, the fair price of the game is