7. Alicia is playing a game by drawing a card from a standard deck and replacing it. If the card is an Ace card, Alicia win $100. If it is not an Ace card, she pay $10. There are 4 Ace cards in a deck of 52 cards.
Should Alicia play the game?
A. Yes, she is expected to win money in the long term.
B . No, she is expected to lose money in the long term.
let X be the outcome of the game
P(X=100) =P(getting an ace) =4/52
P(X=-10) =P(not getting an ace) =48/52
expected value of the game E(x) =xP(x) =100*4/52-10*48/52 = -1.54
since expected value is negative:
B . No, she is expected to lose money in the long term
7. Alicia is playing a game by drawing a card from a standard deck and replacing...
6. Alicia is playing a game by drawing a card from a standard deck and replacing it. If the card is an Ace card, Alicia win $100. If it is not an Ace card, she pay $10. There are 4 Ace cards in a deck of 52 cards. What is the expected value of playing this game? A. 2.934 B.-0.572 C.-1.273 D.-1.538 E.-1.792 F.-2.682
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