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In this video, we will look at Sample Question 100 from the Society of Actuaries' Exam P (Probability) list of sample questions.
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The question reads (mainly to help people find this video when searching):
A car dealership sells 0, 1, or 2 luxury cars on any day. When selling a car, the dealer
also tries to persuade the customer to buy an extended warranty for the car. Let X denote
the number of luxury cars sold in a given day, and let Y denote the number of extended
warranties sold.
P[X = 0, Y = 0] = 1/6
P[X = 1, Y = 0] = 1/12
P[X = 1, Y = 1] = 1/6
P[X = 2, Y = 0] = 1/12
P[X = 2, Y = 1] = 1/3
P[X = 2, Y = 2] = 1/6
Calculate the variance of X.
(A) 0.47
(B) 0.58
(C) 0.83
(D) 1.42
(E) 2.58
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#Calculus #Actuary #ExamP #Probability #Theory #Math #Tutorial #Science #Education
