It costs $6.25 to play a very simple game, in which a dealer gives you one...
It costs $6.25 to play a very simple game, in which a dealer gives you one card from a deck of 52 cards. If the card is a heart, spade, or diamond, you lose. If the card is a club other than the queen of clubs, you win $10.00. If the card is the queen of clubs, you win $48.50. The random variable x represents your net gain from playing this game once, or your winnings minus the cost to play. What is the mean of x, rounded to the nearest penny? (You need to prepare a probability distribution table similar to the one in the book about the lottery).
Homework Answers
Let x be the net gain from playing this game once, or your winnings minus the cost to play.
| x | P(x) | Net Gains( in $) |
| 13 Hearts,13 Spades,13 Diamonds | 39/52 | -6.25 |
| Club Other Queen of Clubs | 12/52 | 3.75 ( i.e -6.25 +10) |
| Queen of Clubs | 1/52 | 52.25 ( i.e -6.25+10 +48.50) |
Mean of x = 
=
= $ -2.82 ( LOSS)
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