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....

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2.35 Another card game. In a new card game, you start with a well-shuffled full deck and<br>draw 3 cards without replacement. If you draw 3 hearts, you win $50. If you draw 3 black cards,<br>you win $25. For any other draws, you win nothing.<br>(a) Create a probability model for the amount you win at this game, and find the expected<br>winnings. Also compute the standard deviation of this distribution.<br>(b) If the game costs $5 to play, what would be the expected value and standard deviation of the<br>net profit (or loss)? (Hint: profit = winnings – cost; X – 5)<br>(c) If the game costs $5 to play, should you play this game? Explain.<br>

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.

Jun 10, 2022
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