Hawkes L LEA My Institution CoursesCommunity Content Collec O Save & End Certify

Question

Hawkes L LEA My Institution CoursesCommunity Content Collec O Save & End Certify Lesson:75 Expected Value ARIELLE NEWBY Question 12 of 14, Step 1 of 1 Correct Suppose that you and a friend are playing cards and decide to make a bet. If you draw three face cards, where a face card is a jack, a Queen, or a King, in succession from a standard deck of 52 cards without replacement, you win $40. Otherwise, you pay your friend S10. if the same bet was made 15 times, how much would you expect to win or lose? Round your answer to the nearest cent, if necessary Answer Keypad Win Lose © 2017

Explanation / Answer

There are 3*4 = 12 face cards out of 52.

Probability of choosing 3 face cards out of 52 cards

= 13P3 / 52P3

= (13*12*11) / (52*51*50)

= 0.01294117647

Expected value = 0.01294117647 * $40 - (1 - 0.01294117647) * $10

= -9.35294117647$

Expected value after 15 tries = -9.35294117647$*15 = -140.294$

Thus this results in a loss of 140.29$.

(Note: If rounded early, the answer is a loss of 140.33$)

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.