2. Chap 7.2 Means and Variance from Random Variables

3. Mean of a Random Variable

4. Mean of a Discrete Random Variable (Expected Value)

5.  Example 7.5 Most states and Canadian provinces have government- sponsored lotteries. Here is a simple lottery wager, from the Tri-State Pick 3 game that New Hampshire shares with Maine and Vermont. You choose a three-digit number; the state chooses a three-digit winning number at random and pays you $500 if your number is chosen.  How many three-digit combinations are there to chose from?  What is the probability of winning?  Let X be the amount your ticket pays you, draw a probability distribution.  What is your average pay-off from many tickets?

6. Law of Large Numbers

7. Rules for Means

8. Variance of a Random Variable

9. Rules for Variance

10. Assignment: pg.486 23-25, 32, 34, 38-40 Random trivia: Some people have all the luck… In June 2005, Donna Goeppert won a million dollar jackpot playing the Pennsylvania Lottery. The odds of winning a lottery like the one in Pennsylvania are 1.44 million to 1. But what is extraordinary is that Ms. Goeppert had previously won $1 million playing the lottery earlier in the year. The odds of winning twice vary, depending on how many tickets are scratched. A university professor in Pennsylvania estimated that if you played 100 tickets, the odds of winning the lottery twice are about 419 million to 1.