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In: Statistics and Probability

A special deck of 24 cards consists of 4 eights, 4 nines, 4 tens, 4 aces,...

A special deck of 24 cards consists of 4 eights, 4 nines, 4 tens, 4 aces, 4 queens and 4 kings. A game consists of dealing a card from the 20 and winning or losing the money as in the following image. a) Determine the probabilities of all possible outcomes on the amount of money you could earn or lose. (As in the probability distribution – no graph necessary)

- if the card is 8,9, or 10 you lose the dollar equivalent to the face value of the card

- if the card is a face card you win $10

- if the card is an ace you lose $20

b) What’s the expected amount of money won or lost for this game?

c) Is this game considered a fair game? Justify your answer.

Solutions

Expert Solution

If X is a random quantity, then expected value of X is

orchestra answered 1 year ago
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