Simple Variance Question
Can somebody calculate the variance for these two situations for me?
I'm a little rusty on my stats, and I think I'm going about it the wrong way
Situation 1:
Getting 1.5:1 on a coin flip
Situation 2:
Getting 6:1 on a single number, on a the roll of a die
Please show all steps.
FWIW: I have the EVs calculated as:
1:
(1.5x-1x)/2 = 0.25x = E(x)
2:
(6x-5x)/6 = 0.167x = E(x)
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