Dear student ,
Let X = profit in $ we assign positve sign to profit and negative sign to loss .
Now , to obtained the expected profit
There 13 heart cards in a deck out wich both of them are drown without repitiation hearts cards then we get 606 $
Otherwise we have to pay 36 $
So, probability of winning is = 0.058823529
And probability of loosing is = 1- (probability of winning ) = 1- 0.058823529 = 0.94117647
step 2
if we repeated this experiment 615 times .
now expected value is
xi | r | pi | xi r pi |
606 | 615 | 0.058823529 | 21922.94102 |
-36 | 615 | 0.941176471 | -20837.64707 |
E(X) | 1085.29395 |
So we can expected to win about $1085.29 .
Dear student,
I am waiting for your feedback. I have given my 100% to solve your
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52 13 2 } 2
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