I would like to know how to approach this challenge:

I Problem Set 2: Continuous Random Variables I ALL ANSWERS SHOULD BE GIVEN TO AT LEAST 4 DECIMAL PLACES Mm 1. Suppose the annual loss to Barbados Insurance Company is given by the following probability density function: _ cc"? y 2 1 y) _ {0 elsewhere where c is a constant. a) Determine the value of c. DO NOT write your answer as a decimal but use the notation that will give the most accurate answer. b) What is the median loss? c) Calculate the average of this probability density mction. (1) Calculate the standard deviation of this probability density function