Expected Value and Varia Problem 6 Previous ProblemProblem ListNext Problem (1 p

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Expected Value and Varia Problem 6 Previous ProblemProblem ListNext Problem (1 point) Mark draws one card from a standard deck of 52. He receives $0.40 for a cub and $0.65 for a king, but $0.75 for the king of clubs. How much could he pay to play this game per draw if he expects to break even in the long run? Preview My Answers Submit Answers You have attempted this problem 0 times. You have unlimited attempts remaining Show Past Answers Email instructor Page generated at 02/20/2018 at 09:37pm PST WeBWorK © 1996-2017] theme: math4 | ww.version: WeBWorK-2.13] pg version PG-2.13l The WeBWorK Project

Explanation / Answer

P(X=0.4) =12/52 (as 12 clubs except that of king are there out of 52)

P(X=0.65) =3/52 (as 3 king except that of king of club)

P(X=0.75) =1/52

hence for game to be fair ; playing cost =expected win =0.4*12/52+0.65*3/52+0.75*1/52 =0.144231~ 0.14

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