In a new card game, you start with a well-shuffled full deck and draw 3 cards without
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In 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 probability model for the amount you win at this game, and nd the expected winnings. Also compute 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)? (profitt = winnings - cost; X - 5)
(c) If the game costs $5 to play, should you play this game? Explain.
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Related Book For
OpenIntro Statistics
ISBN: 9781943450077
4th Edition
Authors: David Diez, Mine Çetinkaya-Rundel, Christopher Barr
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