Respuesta :
Kajal's expected value of playing this game is -$1
Kajal's expected value of playing this game
The given parameters are:
- Picking a black ⇒ $5 (win)
- Picking a face card ⇒ $3 (win)
- Picking anything else ⇒ $10 (lose)
There are 26 black cards in a standard 52 card decks.
So, we have:
P(Black) = 26/52
There are 6 face cards that are not black in a standard 52 card decks.
So, we have:
P(Face card and not black) = 6/52
There are 20 other cards not in the above categories.
So, we have:
P(Others) = 20/52
The expected value is then calculated as:
[tex]E(x) = \sum x * P(x)[/tex]
This gives
E(x) = 5 * 26/52 + 3 * 6/52 - 10 * 20/52
Evaluate the products
E(x) = 130/52 + 18/52 - 200/52
Evaluate the sum and difference
E(x) = (130 + 18 - 200)/52
This gives
E(x) = -52/52
Evaluate
E(x) = -1
Hence, Kajal's expected value of playing this game is -$1
Read more about expected values at:
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