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Consider the two options in the following table, both of which have random outcomes:
Option 1
Option 2
Probability of Outcome
Possible Outcomes ($)
1/16
150
1/5
120
4/16
300
255
6/16
750
1,500
a. Determine the expected value of each option.
Expected value of Option 1: $ _____________
Expected value of Option 2: $ _______________
b. Determine the variance and standard deviation of each option.
Instructions: Round your answers for standard deviation to two decimal places.
Variance of Option 1: ________
Standard deviation of Option 1: ____________
Variance of Option 2: _____________
Standard deviation of Option 2: ______________
c. Which option is most risky?
multiple choice
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