The geyser Old Faithful in Yellowstone National Park alternates periods of eruption, which typically last from 1.5 to 4 minutes, with periods of dormancy, which are considerably longer. The following table presents the durations, in minutes,30 of dormancy periods that occurred during a recent year.Construct a frequency distribution using a class width of 7, and using 55 as the lower class limit for the first class.
individual plays a game of tossing a coin where he wins Rs 2 if head turns up and nothing if tail turns up.On the basis of the given information, find (i) The expected value of the game. (4) (ii) The risk premium this person will be willing to pay to avoid the risk associated with the game.