Juan has a deck of 10 cards numbered I through 10. He is playing a game of chance. This game is this: Juan chooses one card from the deck at random. He wins an amount of money equal to the value of the card if an even numbered card is drawn. He loses $3.50 if an odd numbered card is drawn. (a) Find the expected value of playing the game. dollars (b) What can Juan expect in the long run, after playing the game many times? (He replaces the card in the deck each time.) O Juan can expect to gain money. He can expect to win dollars per draw. Juan can expect to lose money. He can expect to lose dollars per draw. Juan can expect to break even (neither gain nor lose money).
Juan has a deck of 10 cards numbered I through 10. He is playing a game of chance. This game is this: Juan chooses one card from the deck at random. He wins an amount of money equal to the value of the card if an even numbered card is drawn. He loses $3.50 if an odd numbered card is drawn. (a) Find the expected value of playing the game. dollars (b) What can Juan expect in the long run, after playing the game many times? (He replaces the card in the deck each time.) O Juan can expect to gain money. He can expect to win dollars per draw. Juan can expect to lose money. He can expect to lose dollars per draw. Juan can expect to break even (neither gain nor lose money).
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter12: Probability
Section12.4: Discrete Random Variables; Applications To Decision Making
Problem 32E
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Transcribed Image Text:Juan has a deck of 10 cards numbered 1 through 10. He is playing a game of chance.
This game is this: Juan chooses one card from the deck at random. He wins an amount of money equal to the value of the card if an even numbered card is
drawn. He loses $3.50 if an odd numbered card is drawn.
(a) Find the expected value of playing the game.
dollars
(b) What can Juan expect in the long run, after playing the game many times?
(He replaces the card in the deck each time.)
Juan can expect to gain money.
He can expect to win
O Juan can expect to lose
He can expect to lose
dollars per draw.
money.
dollars per draw.
O Juan can expect to break even (neither gain nor lose money).
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