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Question(s) / Instruction(s):

 Q1: Problem 1 (Chapter 6) on textbook pp. 172 (10%)
Suppose Joe and Leo both face the following individual loss distribution:

Probability of Loss Amount of Loss
0.7 $0
0.2 $40
0.1 $60

A. Determine the expected loss and standard deviation of the expected loss faced by Joe and Leo on an individual basis.

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