SOLUTION: At a fair run by local charity organization, it cost 50 cents to try ones luck in drawing an ace from a deck of 52 playing cards. What is the expected profit per customer, if they

SOLUTION: At a fair run by local charity organization, it cost 50 cents to try ones luck in drawing an ace from a deck of 52 playing cards. What is the expected profit per customer, if they

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Question 80907This question is from textbook A survey of mathematics with applications
: At a fair run by local charity organization, it cost 50 cents to try ones luck in drawing an ace from a deck of 52 playing cards. What is the expected profit per customer, if they pay $4 if and only if a person draws an ace? This question is from textbook A survey of mathematics with applications

Answer by checkley75(3666) (Show Source): You can put this solution on YOUR website!
.50*12/13-4*1/13=.46-.31=.15 PROFIT PER CHANCE.
12/13 OR 46% OF THE TIME YOU GAIN $.50
1/13 OR7.7% OF THE TIME THEY WIN $4.00
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