Colegio San Agustin

Senior High School

Academic Year 2020-2021

Statistics and Probability

Worksheet on Expected Value, Variance and Standard Deviation

Name: _____________________________________ Yr. $ Sec.: _______ Date: ______________

Learning Competencies:
1. Illustrate the mean and variance of a discrete random variable
2. Calculate the mean and the variance of a discrete random variable
3. Solve problems involving the mean and variance of probability distributions

Mathematical Analysis and Computation: Do as asked and show your solution. Write the answer on the
space provided before the number.
I. A game of dice consists of rolling a pair of dice and getting the sum of the numbers that turn
up. If the sum is either 6 or 7, the player wins Php 150. Otherwise, he pays Php 50

_____1. Which of the following is the total number of possible outcomes in rolling a pair of dice?
a. 6 b. 12 c. 36 d. 70

_____2. For a discrete random variable X = the amount of player’s winnings/looses, which of the
following are the possible values of the discrete random variable?
a. 150 & 50 b. 150 & -50 c. 100 & -50 d. 100

_____3. What is the probability that the player will win Php 150?
a. 5/36 b. 1/6 c. 11/36 d. 25/36

_____4. Which of the following is the probability that the player will lose Php 50?
a. 31/36 b. 5/6 c. 25/36 d. 11/36

_____5. What is the expected mean/value of the game?

a. -16.67 b. -11.11 c. 11.11 d. 16.67

II. A raffle offers two Php 10,000 prize, two Php 5000 prize, and five Php 1000 prizes. Three
hundred tickets are sold at Php 150 each. Find the expectation value if a person buys one
ticket. Let x be the net gain of the ticket holder.
Complete the table: ( 3 points )
X

P(x)

Computation of the expected mean/value ( 1 point )

III. A car insurance company provides insurance that pays Php 500,000 to its members for cases
of thefts and total damage to the car. The probability of paying out the total amount of
coverage is 6% an the insurance coverage costs the car owner Php 24,000. If X is the
random variable that represents the company’s proceeds from each sold insurance policy:
a. Find the expected value of X ( 2 points )
 b. Based on your answer in (a), if you were a car owner, would you buy an insurance policy
from this company? Why or why not? ( 2 points )

IV. A bank president feels that a customer with a savings account , on the average has tree
credit cards. The following distribution represents the number of credit cards people own.
Compute the mean, variance and standard deviation. Complete the table
Number of credit Probability X ∙ P (x)
cards (X) P (X)
0 .20
1 .22
2 .22
3 .18
4 .18

Mean = __________________ Variance : ________ Standard Deviation: ___