SOLUTION: 9. It costs $7.00 to play a very simple game in which a dealer gives you one card from a deck of 52 cards. If the card is a heart, spade, or diamond, you lose. If the card is a cl

Question 867017: 9. It costs $7.00 to play a very simple game in which a dealer gives you one card from a deck of 52 cards. If the card is a heart, spade, or diamond, you lose. If the card is a club other than the queen of clubs, you win $11.50. If the card is the queen of clubs, you win $50.00. The random variable x represents your net gain from playing this game once, or your winnings minus the cost to play. What is the mean of x, rounded to the nearest penny?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
It costs $7.00 to play a very simple game in which a dealer gives you one card from a deck of 52 cards.
If the card is a heart, spade, or diamond, you lose.
If the card is a club other than the queen of clubs, you win $11.50.
If the card is the queen of clubs, you win $50.00.
The random variable x represents your net gain from playing this game once, or your winnings minus the cost to play. What is the mean of x, rounded to the nearest penny?
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Random "winnings"::.....-7.......4.50......43
Probabilities::........ 39/52....12/52....1/52
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u(x) = [39*-7 + 12*4.5 + 43]/52 = -$3.38
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Cheers,
Stan H.
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