You pick a card from a deck.If you get a club,you win $80.If not,you get to draw again (after replacing the first card).If you get a club the second time,you win $30.If not,you lose.Find the standard deviation of the amount you will win.
A)$1112.11
B)$38.07
C)$30.68
D)$28.35
E)$33.35

Question

Quizplus · Accepted Answer

The standard deviation is calculated using the probabilities and outcomes: P(Win $80) = 1/4, P(Win $30) = 3/4 * 1/4, P(Lose $0) = 3/4 * 3/4. The expected value is $27.5. The variance is calculated as the sum of squared differences from the expected value, weighted by probabilities, and the standard deviation is the square root of the variance, which is approximately $33.35.

You Pick a Card from a Deck