It costs 2 to play a card game If you pick the ace of hearts

It costs $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 your expected winnings be if you played twice?

e) what would be the expected standard deviation for 2 plays?

Solution