Calculate the variance and standard deviation in the given case.
A game of chance offers the following odds and payoffs. Each play of the game costs $100, so the net profit per play is the payoff less $100. Probability .10, .50 and .40. Payoff is $500, 100 and 0. net Profit is $400, 0 and -100. What are the expected cash payoff and expected rate of return? Calculate the variance and standard deviation of this rate of return.© SolutionLibrary Inc. solutionlibary.com July 11, 2020, 8:20 pm 9836dcf9d7 https://solutionlibrary.com/business/finance/calculate-the-variance-and-standard-deviation-in-the-given-case-f4u2