SOLUTION: In a gambling game a man is paid $3 if he draws a jack or queen and $5 if he draws a king or ace from an ordinary deck of 52 playing cards. If he draws any other card, he looses. H
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-> SOLUTION: In a gambling game a man is paid $3 if he draws a jack or queen and $5 if he draws a king or ace from an ordinary deck of 52 playing cards. If he draws any other card, he looses. H
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Question 507184: In a gambling game a man is paid $3 if he draws a jack or queen and $5 if he draws a king or ace from an ordinary deck of 52 playing cards. If he draws any other card, he looses. How much should he pay to play if the game is fair? Answer by Edwin McCravy(20063) (Show Source):
You can put this solution on YOUR website! In a gambling game a man is paid $3 if he draws a jack or queen and $5 if he draws a king or ace from an ordinary deck of 52 playing cards. If he draws any other card, he looses. How much should he pay to play if the game is fair?
Suppose he pays x dollars to play:
X P(X) E(X)=X*P(X)
Draw Winnings Probability Expection
J 3-x
Q 3-x
K 5-x
A 5-x
other -x
Set that = 0
Multiply through by 13
Edwin
