5. A game consists of drawing one card from a deck of cards. If the card drawn is a face card (Jack, Queen, or King), the player wins \( \mathrm{P} 100 \). otherwise, he loses \( \mathrm{P} 30 \). (a) Determine if the game is fair. (b) Find the variance and standard deviation.
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In this case, the expected value is calculated by multiplying the probability of each outcome by the value of that outcome and summing these products. There are 12 face cards (4 Jacks, 4 Queens, 4 Kings) and 40 other cards in a standard deck of 52 cards. So, the Show more…
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