A company is evaluating the potential of a future project. Y is their profit, which depends on
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A company is evaluating the potential of a future project. Y is their profit, which depends on several uncertain factors. They have determined that their profit could be $1, $1.75, and $2.35 million with respective probabilities of 0.5, 0.28, and 0.22.
a) Find E(Y).
b) Find Var(Y).
c) Find the standard deviation of Y.
d) What is the probability that the profit is $1.75 million or more?
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Related Book For 
Principles Of Managerial Statistics And Data Science
ISBN: 9781119486411
1st Edition
Authors: Roberto Rivera
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