Ej W.

asked • 01/03/13

How do I create a probability model?

You draw a card from a deck If you get a red card ou win nothing. If you get a spade you win $5. If you draw a club you win $10 plus an extra $20 for the ace of clubs. Create a probablity model for the amount you win in this game.

4 Answers By Expert Tutors

By:

Bill F. answered • 01/03/13

Tutor
5 (1)

Experienced Teacher & Tutor in Round Rock, TX

Timothy K.

Usually, when you are making a model, the final answer should be a table, graph, or equation that can be used to find any possible outcome of the event. The Answer that Del gives is such an answer.
Report

09/18/19

Atsu A. answered • 11d

Tutor
New to Wyzant

Expert Math & Computer Science Tutor | M.Sc. | University

David B.

Ben's table is correct but incomplete in that necessary assumptions are not specified. Key to the given model is that the deck is shuffled before each draw and after each draw the drawn card is returned to the deck. Also nothing is said of cost to play. If it costs nothing to play you can't lose. Without a cost to play the statement "Now you can make informed decisions about whether or not to play the game"; is meaningless. As it stands, the average value of a single draw (assuming return and reshuffle after every draw) is $30*.0192 + 10*.2308 + 5 * .25 or $4.134 for every draw. If you had to pay less then that for each draw, you are ahead of the game. If I ran this game, I would charge $5 per chance. Dealer always wins.
Report

11/15/23

Still looking for help? Get the right answer, fast.

Ask a question for free

Get a free answer to a quick problem.
Most questions answered within 4 hours.

OR

Find an Online Tutor Now

Choose an expert and meet online. No packages or subscriptions, pay only for the time you need.