SOLUTION: A carnival game that involves flipping a card to reveal a hidden prize costs $5.00 to play. There are two cads that reveal a $20 prize. What is the expected value for someone playi

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Question 1180664: A carnival game that involves flipping a card to reveal a hidden prize costs $5.00 to play. There are two cads that reveal a $20 prize. What is the expected value for someone playing this game?
Answer by greenestamps(13206)   (Show Source): You can put this solution on YOUR website!


Technically, the question can't be answered, because you did not specify the number of cards. If the game is played with a standard deck of 52 cards, you need to say so in the statement of the problem.

I will assume the cards are a standard 52-card deck....

Use the basic definition of expected value.
           probability    value (winnings
                       minus cost of playing)
  -----------------------------------------------------------
 winning card  2/52    -5+20 = 15       (2/52)(15) =   30/52
 other card   50/52    -5              (50/52)(-5) = -250/52
                                    -------------------------
                                     expected value: -220/52

The expected value for playing the game is -220/52 dollars, or about -$4.23.


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