1 answer

Hello, I need help with Question 7. Please show all the steps and the solutions of the problem. Thank you

Question:

Hello,

I need help with Question 7.

Please show all the steps and the solutions of the problem.

Thank you very much.

7. Consider a game that consists of drawing a single card at random from a standard deck of 52 cards. You pay S3 to play the

7. Consider a game that consists of drawing a single card at random from a standard deck of 52 cards. You pay S3 to play the game, and the money is not returned. If you draw an ace, you win S10. If you draw a king or queen, you win S5. How much should you expect to win or lose on average if you play this game many times?

Answers

Hello Sir/ Mam

YOUR REQUIRED ANSWER IS $1.46 Loss per game.

Given that:

Cost of Game = $3

Money if we draw an Ace = $10

If we draw king or queen, payoff = $5

Hence,

Expected Vaue of Game:

Expected Value of Game = (52 * $10) + (59 * $5) = $1.54

Hence, if we play many times,

$3-$1.54 = $1.46( Loss) Profit/Loss

I hope this solves your doubt.

Feel free to comment if you still have any query or need something else. I'll help asap.

Do give a thumbs up if you find this helpful.

.

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