a bag contains five types of balls colored red, blue, green, yellow, orange. there are 10 each of red, blue, green and yellow balls and there are 3 orange balls. we draw a ball from the bag, if the ball drawn is colored green or yellow we get $0 payoff. if it is blue the we get a $200 payoff. if the ball drawn is red, we get a $300 payoff and $500 if it is orange. (a) (5 points) what is our expected payoff of this experiment? (b) (5 points) what is the standard deviation and variance?
