Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

Example 1: A coin is flipped. Random variable X takes the value 1 if the coin lands heads, and X takes the value 0 if the coin shows tails. Example 2: Three balls are drawn without replacement from a ...

A discrete random variable is a type of random variable that can take on a countable set of distinct values. Common examples include the number of children in a family, the outcome of rolling a die, ...

Density functions are nonnegative for all real numbers but greater than zero only at a finite or countably infinite number of points. Density functions are nonnegative for all real numbers and are ...

The Virginia Lottery offers a game called the New Year's Millionaire Raffle for which the top prize is one million dollars. There are 375,000 tickets sold, of which 508 are winners. There are three ...

In a raffle with 20 tickets, 6 tickets are drawn for prizes. The first prize winner gets $\$20$, 2 second prize winners get $\$10$, and three third prize winners get $\$5$. What is the sample space ...