n a new card game, you start with a well-shuffled full deck and draw 3 cards withoutreplacement. If you draw 3 hearts, you win $50. If you draw 3 black cards, you win $25. For any otherdraws, you win nothing.(a) Create a probability model for the amount you win at this game, and find the expected winnings. Alsocompute the standard deviation of this distribution.(b) If the game costs $5 to play, what would be the expected value and standard deviation of the net profit(or loss)? (Hint: profit = winnings − cost; X − 5)(c) If the game costs $5 to play, should you play this game? Explain.
n a new card game, you start with a well-shuffled full deck and draw 3 cards withoutreplacement. If you draw 3 hearts, you win $50. If you draw 3 black cards, you win $25. For any otherdraws, you win nothing.(a) Create a probability model for the amount you win at this game, and find the expected winnings. Alsocompute the standard deviation of this distribution.(b) If the game costs $5 to play, what would be the expected value and standard deviation of the net profit(or loss)? (Hint: profit = winnings − cost; X − 5)(c) If the game costs $5 to play, should you play this game? Explain.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
n a new card game, you start with a well-shuffled full deck and draw 3 cards without
replacement. If you draw 3 hearts, you win $50. If you draw 3 black cards, you win $25. For any other
draws, you win nothing.
(a) Create a
compute the standard deviation of this distribution.
(b) If the game costs $5 to play, what would be the
(or loss)? (Hint: profit = winnings − cost; X − 5)
(c) If the game costs $5 to play, should you play this game? Explain.
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