Meanstandard deviation by discrete probability distribution

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Reference no: EM1318758

To play a game you must pay $5 for each play. There is a 10% chance you win $7, a 35% chance you win $5, and a 45% chance you win only $1.

Question 1: Find the probability distribution of your net winnings if you play one time. Calculate the mean and the standard deviation.

Question 2: You play twice. Assuming the plays are independent events, what are the mean and the standard deviation of your total winnings?

Reference no: EM1318758

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