Question
In a game of chance, a card is drawn from a standard 52-card deck. If the card is the Ace of Hearts, you win $1000.
In a game of chance, a card is drawn from a standard 52-card deck.
If the card is the Ace of Hearts, you win $1000. If the card is any other Heart or any other Ace, you win $100
.What is the probability of winning any amount on a single play?
(Round to four decimals.)Answer: _______
Suppose you play this game three times in a row. The card is replaced and the deck is re-shuffled between each game. What is the probability of winning any amount on at least one of these plays?
(Round to four decimals.)Answer:____________
Calculate the expected value of your winnings if you play this game once. Round to the nearest cent.
Answer: $-----------------------------
In a different game, you are dealt a four-card hand from a standard 52-card deck (without replacement). If you get all four Aces, you win $10,000,000 (i.e. ten million dollars!!). Otherwise, you win nothing.
Calculate the expected value of your winnings if you play this game once.
Round to the nearest cent.Answer: $____
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started