Question
A bag contains a large number of coins. 60% are 50p coins. 20% are 20p coins. 20% are 10p coins.
Find the mean and the variance of the values of this population of coins.
Find the mean and the variance of the values of this population of coins.
Answers
Damon
mean = .6 * 50 + .2 * 20 + .2 * 10 = 30 + 4 + 4 = 38 p
variance = (30-38)^2 + (4-38)^2 + (4-38)^2
variance = (30-38)^2 + (4-38)^2 + (4-38)^2