You draw a card from a deck. If you get a red​ card, you win nothing. If you get a​ spade, you win ​$7. For any​ club, you get ​$20 plus an extra ​$40 for the ace of clubs.
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?

Q&A Education