We are given the following probability distribution. a. Calculate the mean, variance, and standard deviation. b. Suppose

Question:

We are given the following probability distribution.

a. Calculate the mean, variance, and standard deviation.
b. Suppose that Y = 3X + 2. For each value of X, determine the value of Y. What is the probability distribution of Y?
c. Calculate the mean, variance, and standard deviation from the probability distribution of Y.
d. Use the laws of expected value and variance to calculate the mean, variance, and standard deviation of Y from the mean, variance, and standard deviation of X. Compare your answers in parts (c) and (d). Are they the same (except forrounding)?

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...