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.

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 2 years ago

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