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In: Statistics and Probability

Let pi = P(X = i) and suppose that p1 + p2 + p3 + p4...

Let pi = P(X = i) and suppose that p1 + p2 + p3 + p4 = 1. Suppose that E(X) = 2.5.

(a) What values of p1, p2, p3, and p4 maximize Var(X)?

(b) What values of p1, p2, p3, and p4 minimize Var(X)?

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