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Consider the following gambling game: You begin by paying an “entry fee” of x dollars. Cards...

Consider the following gambling game: You begin by paying an “entry fee” of x dollars. Cards are then turned face up, one at a time, from a well-shuffled deck of 52 cards, of which 26 are red and 26 are black. Before any card is turned, you may decide to “call” the next card: if it turns up red, then you win 1 dollar, but if it turns up black, then you win nothing. You may only call once. What is the fair entry price x for this game?

math   Statistics-And-Probability   
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Answer #1

as probability of called up card being red is 1/2 (as equal red and black cards are there)

therefore expected win =1*(1/2)=$0.5

hence fair entry price =expected win =$0.5

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