You draw a card from a deck. If you get a red card, you win nothing. If you get a spade, you win $10. For any club, you get $30 plus an extra $40 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?
a) Card red spade ace of clubs any other club Winnings 0 10 70 30 Probability nothing nothing nothing nothing