JUST NEED EXPLANATION, I ALREADY HAVE THE ANSWER.
In a game, you pay $1.50 to draw one card fr...
Mathematics, 03.05.2020 13:55 hay89
JUST NEED EXPLANATION, I ALREADY HAVE THE ANSWER.
In a game, you pay $1.50 to draw one card from a standard deck and see if you win a prize. If you draw a black card, you do not win anything. If you draw a heart, you win $2. If you draw a diamond, you win $3. But, if you draw the ace of diamonds, you win $3 plus an extra $13.
ANSWER:
Yes, the game is fair because the expected value of one turn is $1.50
How do we find the expected value of one turn?
Answers: 3
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