Suppose a casino offers a game that costs $20 to play. The game works as follows:...

Suppose a casino offers a game that costs $20 to play. The game works as follows: the dealer will give you a hand (randomly chosen from a regular 52 card deck) of four cards, and you will then win 10X dollars, where X is the number of aces in your hand. What are the expected winnings for this game? The expected profit? Is this a fair game?

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Expert Solution

Probabilities of winning aces are computed and then expected win amount is calculated.

orchestra answered 1 year ago

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