Question

Asked Oct 16, 2019

Mike and Bill play a card game with a standard deck of 52 cards. Mike selects a card from a well-shuffled deck and

receives A dollars from Bill if the card selected is a diamond and receives $1 from Bill if the card selected is an ace that is not a

diamond. Otherwise, Mike pays Bill two dollars. Determine the value of A if the game is to be fair.

Step 1

The total number of cards are 52. Mike will gain ‘A’ dollars if the card selected is diamond.

Probability of gaining ‘A’ dollars can be calculated as:

Step 2

The probability distributio...

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