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Take a Test-Stephanie Ortiz Google Chrome Secure | https://www.mathxl.c rTest.aspx?testld 1608332488icenterwin yes MAT 167 Prin. of Stats SU17-SCHAEFFLER ONLINE 1 Stephanie Ortiz 7/27/17 7:22 PM Test Test # 3 Time Limit: 01:00:00 Submit Test This Question: 1 pt 4 of 10 (2 complete) This Test: 10 pts possible Question Help You draw a card from a deck. If you get a red card, you win nothing. If you get a spade, you win $6. For any club, you get $20 plus an extra $40 for the ace of clubs a) Create a probability model for the amount you win at this game b) Find the expected amount you'll win c) How much would you be willing to pay to play this game? a) Card red spade ace of clubs any other club Winnings 6 60 20 Probability (Type exact answers in simplified form.) b) E(winnings)- $ b) E(winnings) (Round to two decimal places as needed.) c) How much should you pay to play this game? Click to select your answer(s) Type here to search 8:22 PM /27/2017

Explanation / Answer

a)

b) Expected winnings = 0x1/2 + 6x1/4 + 60x1/4 + 20x3/13 = $7.27

c) Any amount less than $7.27 you should pay to play this game

Card red spade ace of club any other club winnings 0 6 60 20 probability 26/52 = 1/2 13/52 = 1/4 1/52 12/52 = 3/13

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