SOLUTION: Sam and Dana have bet money on a card game they are playing against each other. Sam pays $1 to play, and Dana pays $4. They will shuffle a deck of cards and flip over the top card.
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-> SOLUTION: Sam and Dana have bet money on a card game they are playing against each other. Sam pays $1 to play, and Dana pays $4. They will shuffle a deck of cards and flip over the top card.
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Question 1156838: Sam and Dana have bet money on a card game they are playing against each other. Sam pays $1 to play, and Dana pays $4. They will shuffle a deck of cards and flip over the top card. If the top card is a heart, club, or diamond, Dana gets all $5. If the top card is a spade, then Sam gets all $5.
a) What is the expected value of this game to Dana?
The expected value of this game to Dana is
. (Enter a number rounded to two decimal places.)
b) If they play this game 10 times, what is the expected profit/loss for Sam?
The expected profit/loss for Sam is
. (Enter a number rounded to two decimal places.) Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! Dana gets $5*(0.75)-4=-$0.25
Sam gets $5*(0.25)-1=+$0.25
For Sam, the E(X) for 10 times is +$2.50.
