An unfair coin is flipped 3 times with the outcomes at each step recorded. The probability of getting a heads is 0.6.
What is the standard deviation of your net earnings?
(E(X)) ^2= expected net earnings=((0.6*$1)^2+(0.4*$1.5)^2)*3= 2.16
E(X^2) =(0.6*$1^2+0.4*$1.5^2)*3 = 4.5
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