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7.04 Applications of general discrete random variables

Interactive practice questions

An investment scheme advertises the following percentage returns after $2$2 years based on historical probabilities.

Percentage return ($x$x) $10%$10% $15%$15% $25%$25%
$P\left(X=x\right)$P(X=x) $0.7$0.7 $0.15$0.15 $0.15$0.15
a

Calculated the expected percentage return on investment.

Give your answer as a percentage.

b

If someone invested $\$50000$$50000, how much could they expect their investment to be worth after $2$2 years?

Easy
2min

A salesperson is starting work in a new region and analyses the probability of how many sales he is likely to make in the next month.

Easy
4min

At a car park in the city, all day parking is charged on the following basis below.

Medium
5min

Two dice are rolled and the absolute value of the differences between the numbers appearing uppermost are recorded.

Medium
7min
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Outcomes

ACMMM137

use relative frequencies obtained from data to obtain point estimates of probabilities associated with a discrete random variable

ACMMM142

use discrete random variables and associated probabilities to solve practical problems

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