2.35 Another card game. 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....

Solution please


Extracted text: 2.35 Another card game. 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 find 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)? (Hint: profit = winnings – cost; X – 5) (c) If the game costs $5 to play, should you play this game? Explain.