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The winnings on a lottery scratchcard are defined by the random variable, X = win . It is known that the expected winnings has value
The winnings on a lottery scratchcard are defined by the random variable, X =win.
It is known that the expected winnings has value E(X) = 3 and that the variance of winnings has value V(X) = 3.
A player pays 7 euro for the scratchcard.
Define the random variable Y as Y =Profit/Loss.
i) Find the expected profit/loss, i.e. find the value of E(Y).(whole number)
(ii) Find the value of V(Y).(whole number)
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