If you draw a card with a value of two or less from a standard deck...

If you draw a card with a value of two or less from a standard deck of cards, I will pay you $137. If not, you pay me $9. (Aces are considered the highest card in the deck.)

Step 2 of 2: If you played this game 828 times how much would you expect to win or lose? Round your answer to two decimal places. Losses must be entered as negative.

Solutions

Expert Solution

Result:

If you draw a card with a value of two or less from a standard deck of cards, I will pay you $137. If not, you pay me $9. (Aces are considered the highest card in the deck.)

Random winning values.....137...... -9
Probabilities........................ 1/13.... 12/13

Expected winning: [137 - 12*9]/13 = (137-108)/13 = 29/13 = $2.23

Expect to win $2.23 every time we play.

Step 2 of 2: If you played this game 828 times how much would you expect to win or lose? Round your answer to two decimal places. Losses must be entered as negative.

828*2.23 =1846.44

Expected earning ( win) = $1846.44

orchestra answered 1 year ago

Next > < Previous

Related Solutions

If you draw a card with a value of four or less from a standard deck...

If you draw a card with a value of four or less from a standard deck of cards, I will pay you $⁢134. If not, you pay me $⁢37. (Aces are considered the highest card in the deck.) Step 2 of 2 : If you played this game 621 times how much would you expect to win or lose? Round your answer to two decimal places. Losses must be entered as negative.

If you draw a card with a value of three or less from a standard deck...

If you draw a card with a value of three or less from a standard deck of cards, I will pay you $47. If not, you pay me $12. (Aces are considered the highest card in the deck.) ) Find the expected value of the proposition. Round your answer to two decimal places. Losses must be expressed as negative values

you draw a single card from a standard 52-card deck. find the probability of each event....

you draw a single card from a standard 52-card deck. find the probability of each event. simplify the probability ratio or write in decimal form. a) ace or a nine b) not a king c) club or a face card d) spade or a heart e) neither a diamond nor a 7

4. The experiment is to draw a card from a standard deck of cards. Consider the...

4. The experiment is to draw a card from a standard deck of cards. Consider the following events: Q = drawing a Queen R = drawing a red card a. Are Q and R mutually exclusive? Clearly explain. b. Find P(Q) and P(Q|R). c. Are the events Q and R independent? Clearly explain.

Draw one card with replacement from a well-shuffled standard poker deck until you draw a spade....

Draw one card with replacement from a well-shuffled standard poker deck until you draw a spade. Find the probability of each of the following: a. You draw only once. b. You draw at least once. c. You draw at least twice. d. You draw at least three times, but no more than five times.

You randomly draw five cards from a standard 52-card deck. a) What is the probability of...

You randomly draw five cards from a standard 52-card deck. a) What is the probability of getting exactly 1 Queen? b) What is the probability of getting exactly two Queens? c) What is the probability of getting exactly three Queens? d) What is the probability of getting no Queens?

You draw a card from a deck. If you get a red card, you win nothing....

You draw a card from a deck. If you get a red card, you win nothing. If you get a spade, you win $5 . For any club, you win $10 plus an extra $25 for the ace of clubs. Find the standard deviation of the amount you might win drawing a card. The standard deviation is $nothing .

You draw two cards from a standard deck of 52 cards, but before you draw the...

You draw two cards from a standard deck of 52 cards, but before you draw the second card, you put the first one back and reshuffle the deck. (Round your answer to three decimal places) 1) Find P(Ace on first card and Red card on second card) 2) Find P(Ace and King in either order) 3) If you do not replace the first card before drawing the second card, Find P(Ace on first card and King on second card)

Suppose that you randomly draw one card from a standard deck of 52 cards. After writing...

Suppose that you randomly draw one card from a standard deck of 52 cards. After writing down which card was drawn, you replace the card, and draw another card. You repeat this process until you have drawn 15 cards in all. What is the probability of drawing at least 8 diamonds?

from a standard 52N deck card, how many five – card hands consist of two –...

from a standard 52N deck card, how many five – card hands consist of two – pair? (Two-pair: two cards of one rank, two cards of another rank, and one other card.)

Subjects