Determine the variance of the random variable x

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Program: Marketing estimates that a new instrument for the analysis of soil samples will be very successful, moderately successful, or unsuccessful, with probabilities 0.6, 0.6, and 0.1, respectively.

The yearly revenue associated with a very successful, moderately successful, or unsuccessful product is $10 million, $5 million, and $1 million, correspondingly.

Let the random variable X denote the yearly revenue of the product.

Determine the variance of the random variable X.

Provide answer and find the variance of the random variable and please show me all the working.

Reference no: EM13695861

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