It will cost you $2 to play a card game. If you pick the ace of hearts, you win

Question

It will cost you $2 to play a card game. If you pick the ace of hearts, you win $30. If you pick a different ace, you win $10. Any other card wins nothing. A. Create a probability model for the amount you will win. B. What is the expected amount you will win? C. What is the standard deviation? D. What would be your expected winnings if you played twice? E. What would be the expected deviation for 2 plays? It will cost you $2 to play a card game. If you pick the ace of hearts, you win $30. If you pick a different ace, you win $10. Any other card wins nothing. A. Create a probability model for the amount you will win. B. What is the expected amount you will win? C. What is the standard deviation? D. What would be your expected winnings if you played twice? E. What would be the expected deviation for 2 plays? A. Create a probability model for the amount you will win. B. What is the expected amount you will win? C. What is the standard deviation? D. What would be your expected winnings if you played twice? E. What would be the expected deviation for 2 plays?

Explanation / Answer

It will cost you $2 to play a card game. If you pick the ace of hearts, you win

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