Expected value and standard deviation of propective winnings
You roll a die, winning nothing if the number on top is odd, $1 for a two or four on top, and $10 for a six.
a. Find the expected value and standard deviation of your propective winnings
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You roll a die, winning nothing if the number on top is odd, $1 for a two or four on top, and $10 for a six. Find the expected value and standard deviation of your propective winnings
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Explain the concept of equivalent annual cost and how it is used to compare projects with different lives.
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