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If I could get some step by step help, please A game involves selecting a card from a regular 52-card deck and tossing a coin.
If I could get some step by step help, please
A game involves selecting a card from a regular 52-card deck and tossing a coin. The coin is a fair coin and is equally likely to land on heads or tails.If the card is a face card, and the coin lands on Heads, you win $3If the card is a face card, and the coin lands on Tails, you win $1If the card is not a face card, you lose $1, no matter what the coin shows.
- Part (a)
- Find the expected value for this game (expected net gain or loss). (Round your answer to two decimal places.)
- $
- Part (b)
- Explain what your calculations indicate about your long-term average profits and losses on this game.
- The calculated value represents a fixed amount that your total money will change after each loss.
- The calculated value represents the average amount per loss that your total money will change over a large number of games.
- The calculated value represents a fixed amount that your total money will change after each game.
- The calculated value represents the average amount per game that your total money will change over a large number of games.
- Part (c)
- Should you play this game to win money?
- Yes, because the expected value indicates an expected average gain.
- No, because the expected value indicates an expected average loss.
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