Computing Mean and standard deviation using discrete probability distribution.
To play a game you must pay $5 for each play. There is a 10% chance you win $7, a 35% chance you win $5, and a 45 percent chance you win only $1.
• Find out the probability distribution of your net winnings if you play one time. Calculate the mean and the standard deviation.
• You play twice. Assuming the plays are independent events, what are the mean and the standard deviation of your total winnings?