SOLUTION: A card is drawn from a standard​ 52-card deck. Calculate the expected value for the game. A player must pay 5 dollars to play the​ game, which must be subtracted from t
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Question 1131743: A card is drawn from a standard 52-card deck. Calculate the expected value for the game. A player must pay 5 dollars to play the game, which must be subtracted from the winnings. If a
spade is drawn, the player wins 15 dollars; otherwise, they lose their 5 dollars. Calculate the price that would make the game fair.
Answer by greenestamps(13200) (Show Source): You can put this solution on YOUR website!
P(spade) = 1/4; P(not spade) = 3/4.
Value (spade) = $10 (-$5 for playing, +$15 for winning)
Value (not spade) = -$5
Expected value of playing:
The expected value of playing the game is -$1.25.
To make the game fair (make the expected value of playing equal to 0), the cost for playing the game should be x, where
ANSWER: The price for playing the game, to make the game fair, should be $3.75.
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