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Find the mean, variance, and standard deviation of the annual income of a hedge fund manager, using the probability distribution in given problem.
ProblemAn article in The New York Times reports that several hedge fund managers now make more than a billion dollars a year.2 Suppose that the annual income of a hedge fund manager in the top tier, in millions of dollars a year, is given by the following probability distribution:
x($ millions)
P(x)
$1,700
0.2
1,500
1,200
0.3
1,000
0.1
800
600
0.05
400
a. Find the probability that the annual income of a hedge fund manager will be between $400 million and $1 billion (both inclusive).
b. Find the cumulative distribution function of X.
c. Use F(x) computed in (b) to evaluate the probability that the annual income of a hedge fund manager will be less than or equal to $1 billion.
d. Find the probability that the annual income of a hedge fund manager will be greater than $600 million and less than or equal to $1.5 billion.
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