Pick a card, any card You draw a card from a deck. Ifyou get a red card, you win nothing. If you get a spade,you win $5. For any club, you win $10 plus an extra $20for the ace of clubs.a) Create a probability model for the amount you win.b) Find the expected amount you’ll win.c) What would you be willing to pay to play this game?
Permutations and Combinations
If there are 5 dishes, they can be relished in any order at a time. In permutation, it should be in a particular order. In combination, the order does not matter. Take 3 letters a, b, and c. The possible ways of pairing any two letters are ab, bc, ac, ba, cb and ca. It is in a particular order. So, this can be called the permutation of a, b, and c. But if the order does not matter then ab is the same as ba. Similarly, bc is the same as cb and ac is the same as ca. Here the list has ab, bc, and ac alone. This can be called the combination of a, b, and c.
Counting Theory
The fundamental counting principle is a rule that is used to count the total number of possible outcomes in a given situation.
Pick a card, any card You draw a card from a deck. If
you get a red card, you win nothing. If you get a spade,
you win $5. For any club, you win $10 plus an extra $20
for the ace of clubs.
a) Create a probability model for the amount you win.
b) Find the expected amount you’ll win.
c) What would you be willing to pay to play this game?
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