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Why is it necessary to study the concept of random variable
Random variables are very important in statistics and probability and a must have if any one is looking forward to understand probability distributions. ... It's a function which performs the mapping of the outcomes of a random process to a numeric value. As it is subject to randomness, it takes different values.
A thorough understanding of statistics is key in helping us better comprehend finance. A random variable (stochastic variable) is a type of variable in statistics.
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