Question 271158: A carnival game is played as follows: You pay $2 to draw a card from an ordinary deck of 52 playing cards. If you draw an ace, you win $5. You win $3 if you draw a face card (Jack, Queen, King) and $10 if you draw the seven of spades. If you pick anything else, you lose your $2. On average, how much money can the operater expect to make per customer?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! A carnival game is played as follows: You pay $2 to draw a card from an ordinary deck of 52 playing cards. If you draw an ace, you win $5. You win $3 if you draw a face card (Jack, Queen, King) and $10 if you draw the seven of spades. If you pick anything else, you lose your $2. On average, how much money can the operater expect to make per customer?
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Profit values: 2-5 ;2-3 ; 2-10 ; 2
Probabilities:4/52 ; 12/52; 1/52; 35/52
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Expected profit: (4/52)(-3) + (12/52)(-1) + (1/52)(-8) + (35/52)(2)
= (-12 -12 -8 + 70)/52
= 38/52
= $0.73 profit on each game played
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Cheers,
Stan H.
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