Question
Consider a play of the casino game 'Quick Draw'. In this game, the player pays $10 to play. He/she picks one card from the standard
Consider a play of the casino game 'Quick Draw'. In this game, the player pays
$10 to play. He/she picks one card from the standard deck of 52 cards (i.e. four A's, four K's,
etc.). If the player selects an "A", he/she wins $50; if the player selects a "K", he/she wins $30.
Otherwise, the player wins nothing. Let the random variable X represent the player's profit on a
single play of 'Quick Draw'.
a) Construct the probability distribution for the random variable X. [3]
b) What is the probability that the player makes money on a single play of the game? [1]
c) Calculate the expected value of the random variable X and provide an interpretation of its value
in the context of the question.
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