A box contains five slips of paper. These slips are marked $1, $1, $1, $10, and...

A box contains five slips of paper. These slips are marked $1, $1, $1, $10, and $25. The winner of a contest will select two slips of paper at random with replacement and will then get the larger of the dollar amounts on the two slips. Define a random variable W=the amount awarded.

(a) Determine the probability distribution of W (write out the pmf).

(b) What is the least probable outcome for the amount won?

(c) What is the expected value for the amount won?

(d) What is the variance and standard deviation for the amount won?

(e) What is the probability that the amount won is more than one standard deviation away from the expected value?

Expert Solution

orchestra answered 1 year ago

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