Use Excel to calculate the amount you expect to win or lose based on this information

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.