Solved: Chance to win in a fair game, Basic Statistics

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Chance to win in a fair game

Assignment:

Suppose someone offers to pay you $100 if you draw 3 cards from a standard deck of 52 cards and all the cards are clubs. What should you pay for the chance to win if it is a fair game?

Provide complete and step by step solution for the question and show calculations and use formulas.

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Basic Statistics: Chance to win in a fair game

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Basic Statistics: Chance to win in a fair game

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