Verify that if we standardize the possible values in given Exercise, the resulting mean is zero and the variance is 1.
Exercise
For the probability function
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X:
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1,
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2,
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3,
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4,
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5
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P(x):
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.2,
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.2,
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.2,
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.2,
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.2,
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would you expect the variance to be larger or smaller than the variance associated with the probability function used in the previous exercise? Verify your answer by computing the variance.