In a gambling game a person draws a single card from an

Chapter 3, Problem 23E

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QUESTION:

Problem 23E

In a gambling game a person draws a single card from an ordinary 52-card playing deck. A person is paid $15 for drawing a jack or a queen and $5 for drawing a king or an ace. A person who draws any other card pays $4. If a person plays this game, what is the expected gain?

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QUESTION:

Problem 23E

In a gambling game a person draws a single card from an ordinary 52-card playing deck. A person is paid $15 for drawing a jack or a queen and $5 for drawing a king or an ace. A person who draws any other card pays $4. If a person plays this game, what is the expected gain?

ANSWER:

Solution:

Step 1 of 2:

A person draws a single card from an ordinary 52- card playing deck.

A person is paid $15 for drawing a jack or a queen and $5 for drawing a king or an ace.

A person who draws any other card pays $4.

If a person plays the game, we have to find the expected gain of the person.


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