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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)
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...
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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.) Event Red Spade Club Ace of clubs X P(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 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 $
Transcribed Image Text: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.) Event Red Spade Club Ace of clubs X P(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 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 $
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