statistics

Let’s play a game called “Money in Spades”. This game is played with a standard deck of cards. A standard deck of cards has 52 cards with a number card from 2-10 and A, K, Q, J of each suit. There are 4 suits – Hearts (red), Diamonds (red), Spades (black) and Clubs (black).

The cost to play the game is $8. I will draw a randomly selected card from the deck. Here are the outcomes:

  • Ace of Spades – You win $300
  • Any other Ace – You win $20
  • Any other Spade – You win $8 (which means you really break-even)
  • Any other card – You lose your $8

For your initial post, use Excel to calculate the amount you expect to win or lose based on this information. Remember that this should include the full probability model (all outcomes and the probabilities) and the Expected Value using the SUMPRODUCT function in Excel. Include a sentence that explains what your solution means and whether this is a good game for you to play.

For your second post, let’s switch gears and fire up both your brain and your Excel muscles. Let’s say I expect students to spend an average of 5 hours to complete a Unit Project. What is the probability that 4 students complete their Unit Project in a total of 14 hours or less. Tell which probability distribution would be appropriate and why. Then find the probability.

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more