Expected Value of Max and Min | Explaining Greenbook Probability Questions
I am explaining every Quant Greenbook probability problem so I can practice for interviews. Expected Value of Max and Min Problem: Let X₁, X₂, ..., Xₙ be IID random variables with uniform distribution between 0 and 1. What are the cumulative distribution function, the probability density function, and expected value of Zₙ = max(X₁, X₂, ..., Xₙ)? What are the cumulative distribution function, the probability density function, and expected value of Yₙ = min(X₁, X₂, ..., Xₙ)?

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