Question: Calculate the expected value, variance and standard deviation for the following probability distribution for automobile damages. Possible outcomes for damages $0 $500 $1,000 $5,000 $10,000

Calculate the expected value, variance and standard deviation for the following

Calculate the expected value, variance and standard deviation for the following probability distribution for automobile damages. Possible outcomes for damages $0 $500 $1,000 $5,000 $10,000 Probability 0.50 0.30 0.10 0.06 0.04

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