Probability model for the amount you win at the game

Reference no: EM131417919

Pick a card, any card. You draw a card from a deck. If you get a red card, you win nothing. If you get a spade, you win $5. For any club, you win $10 plus an extra $20 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?

Reference no: EM131417919

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