SOLUTION: A carnival game costs $3 to play. You draw 2 cards from a 12 card deck that has 4 red cards, and 8 black cards. The first card you draw is replaced in the deck before your second d

Question 1180377: A carnival game costs $3 to play. You draw 2 cards from a 12 card deck that has 4 red cards, and 8 black cards. The first card you draw is replaced in the deck before your second draw. If you draw two red cards, you win a $10 prize. What is the expected payoff for the player? Interpret your answer in the context of the problem.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
RR has probability of (1/3)^2, or 1/9
RB and BR have probability of 4/9
BB has probability of 4/9
E(X)=(1/9)*10-3=10/9-3=-$1.89
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Over time, the player will be expected to lose money, and the average amount will be $1.89*the number of times played.
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