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What are the mean and standard deviation of net winnings

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Reference no: EM131742868

Question: A game. To play a game, you must pay $5 for each play. There is a 10% chance you will win $5, a 40% chance you will win $7, and a 50% chance you will win only $3.

a) What are the mean and standard deviation of your net winnings?

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

Reference no: EM131742868

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