In a new card game, you start with a well-shuffled full deck and draw 2 cards without replacement. If you draw 2 hearts, you win $50. If you draw 2 black cards, you win $30. For any other draws, you win nothing. The game costs $4 to play. Let X; denote the possible NET winnings. All Hearts All Black X1 X2 P(X = X;) P(X = X1) P(X = X2) P( Find the following: X1 = X2 = X3 = P(X = X1) P(X = X2) P(X = X3) = What is the expected value and standard deviation of the NET gains? Does the game favor the house, the player or break even?

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Hearts win
In a new card game, you start with a
well-shuffled full deck and draw 2
cards without replacement. If you
draw 2 hearts, you win $50. If you
draw 2 black cards, you win $30. For
any other draws, you win nothing.
The game costs $4 to play. Let X;
denote the possible NET winnings.
All Hearts All Black
X1
X2
P(X = X;) P(X = X1) P(X = X2) P(
Find the following:
X =
X2 =
X3 =
P(X = X1)
P(X = X2) =
P(X = X3)
What is the expected value
and
standard deviation
of the
NET gains?
Does the game favor the house, the
player or break even?
Favors player
Transcribed Image Text:Hearts win In a new card game, you start with a well-shuffled full deck and draw 2 cards without replacement. If you draw 2 hearts, you win $50. If you draw 2 black cards, you win $30. For any other draws, you win nothing. The game costs $4 to play. Let X; denote the possible NET winnings. All Hearts All Black X1 X2 P(X = X;) P(X = X1) P(X = X2) P( Find the following: X = X2 = X3 = P(X = X1) P(X = X2) = P(X = X3) What is the expected value and standard deviation of the NET gains? Does the game favor the house, the player or break even? Favors player
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