Nathan K.
asked • 01/07/22Suppose that you and a friend are playing cards and you decide to make a friendly wager.
The bet is that you will draw two cards without replacement from a standard deck. If both cards are clubs, your friend will pay you $6. Otherwise, you have to pay your friend $3. What is the expected value of your bet?
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1 Expert Answer
Probability of 2C drawn is 13C2/52C2 * 4C1 13 choose 2 out of all 52 chose 2 times 4 choose 1 suits
This yields 12/51 or .2353 = P(win) P(loss) = 1 - P(win)
The expected value will be P(win)*6 - P(loss)*3
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Marisol R.
Step 2 of 2 : If this same bet is made 916 times, how much would you expect to win or lose? Round your answer to two decimal places. Losses must be expressed as negative values.12/13/22