Let's play a game. If you win, you receive 36 times the amount you bet. If you lose, youonly give up the amount you bet. The probability of winning is 1/38.a. Calculate the expected value of playing the game.b. Calculate the standard deviation of playing the game.

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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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Let's play a game. If you win, you receive 36 times the amount you bet. If you lose, yo only give up the amount you bet. The probability of winning is 1/38. a. Calculate the expected value of playing the game. b. Calculate the standard deviation of playing the game.