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Calculate the variance of Catalina income

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Question - Catalina just inherited a vineyard from a distant relative. In good years (when there is no rain or frost during harvest season), she earns $120,000 from the sale of grapes from the vineyard. If the weather is? poor, she loses $40,000. Catalina's estimate of the probability of good weather is 55%.

The expected value of Catalina's income from the vineyard is $48000 (round your answer to the nearest dollar)

Calculate the variance of Catalina's income from the vineyard?

Reference no: EM132958973

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