A random variable \(X\) has the sample space \(\{0,1\}\). The probability \(P(X = 0) = 1/4\) and \(P(X = 1) = 3/4\).
What is the variance of the random variable?
Hint: \(Mean\ (\mu) = \sum_{i=1}^{n} x_i p(x_i)\); \(Variance\ (\sigma^2) = \sum_{i=1}^{n} (x_i - \mu)^2 p(x_i)\)