plz give me step by step explanation on that! Consider the following card game with a well-shuffled deck of cards. If you draw a red card, you win nothing. If you get a spade, you win $3. For any club, you win $6 plus an extra $20 for the ace ofclubs.(a) Create a probability model for the amount you win at this game. (Round your answers to two decimal places.)EventRedSpadeClubAce of clubsXP(X)X • P(X) (X - E(X))² (x - E(X))². P(X)Also, find the expected winnings for a single game and the standard deviation of the winnings. (Round your answers to two decimal places.)expected winningsstandard deviation(b) What is the maximum amount you would be willing to pay to play this game? Explain your reasoning.If the goal of the game is making money, the maximum amount you should be willing to pay for this game is $

It is required to obtain the expected winnings and the standard deviation of the winnings. It is…

Consider the following card game with a well-shuffled deck of cards. If you draw a red card, you win nothing. If you get a spade, you win $3. For any club, you win $6 plus an extra $20 for the ace of clubs. (a) Create a probability model for the amount you win at this game. (Round your answers to two decimal places.) (X - E(X))² (X- E(X))². P(X) Event Red Spade Club Ace of clubs X DIC [ P(X) X.P(X) Also, find the expected winnings for a single game and the standard deviation of the winnings. (Round your answers to two decimal places.) expected winnings standard deviation (b) What is the maximum amount you would be willing to pay to play this game? Explain your reasoning. If the goal of the game is making money, the maximum amount you should be willing to pay for this game is $

Consider the following card game with a well-shuffled deck of cards. If you draw a red card, you win nothing. If you get a spade, you win $3. For any club, you win $6 plus an extra $20 for the ace of clubs. (a) Create a probability model for the amount you win at this game. (Round your answers to two decimal places.) (X - E(X))² (X- E(X))². P(X) Event Red Spade Club Ace of clubs X DIC [ P(X) X.P(X) Also, find the expected winnings for a single game and the standard deviation of the winnings. (Round your answers to two decimal places.) expected winnings standard deviation (b) What is the maximum amount you would be willing to pay to play this game? Explain your reasoning. If the goal of the game is making money, the maximum amount you should be willing to pay for this game is $

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

See similar textbooks