SOLUTION: IN A GAME OF 52 DECKS of cards, i will receive 50 if the card is drawn is an ace and 20 if it's a king. i pay 5 if any other card drawn. find the expected value
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Question 507781: IN A GAME OF 52 DECKS of cards, i will receive 50 if the card is drawn is an ace and 20 if it's a king. i pay 5 if any other card drawn. find the expected value Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! IN A GAME OF 52 DECKS of cards, i will receive $50 if the card drawn is an ace and $20 if it's a king. i pay $5 if any other card drawn. find the expected value
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Random "winning" values::::::: 50 :::::20 ::::::-5
Corresponding probabilities:::1/13::::1/13::::::11/13
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E(winning) = (50+20-5*11)/13 = 15/13 = $1.15
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Cheers,
Stan H.
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