For the probability distribution given by following
the value of $\text{Var}(X) =$
Show Hint
Always double check your value of $E(X)$. Since the distribution is heavily weighted around the values 7 and 8 (each having a probability of $0.3$), the mean must fall very close to $7.5$. Finding $E(X) = 7.3$ tells you that your preliminary arithmetic is well on track!
Step 1: Understanding the Question:
We are given a discrete random variable $X$ with its values ranging from 5 to 10 and their corresponding probabilities. One probability value is an unknown constant $k$. We need to find the variance of $X$, denoted as $\text{Var}(X)$.
Step 2: Key Formula or Approach:
1. The sum of all individual probabilities in a valid probability distribution must equal 1:
$$\sum P(X = x_i) = 1$$
2. The formula for the Mean (Expectation) of $X$ is:
$$\mu = E(X) = \sum x_i p_i$$
3. The formula for the Variance of $X$ is:
$$\text{Var}(X) = E(X^2) - [E(X)]^2 = \sum x_i^2 p_i - \left(\sum x_i p_i\right)^2$$