Please explain me each step. Kyd and North are playing a game. Kyd selects one card from a standard 52-card deck. If Kyd selects a face card (Jack, Queen, or King), North pays him $6. If Kyd selects any other type of card, he pays North $2. Round to the second decimal place.a) What is Kyd's expected value for this game? Round your answer to the nearest cent. $b) What is North's expected value for this game? Round your answer to the nearest cent. $c) Who has the advantage in this game? I don't know where the 3/13 comes from? P(Kyd selects a face card) = (4x3)/52 = 3/13 P(Kyd does not select a face card) = 1 -( 3/13 ) = 10/13 a) Kyd's expected value for this game = (3/13)x4 - (10/13)x2 = 0.9231 - 1.5385 = $ -0.62 b) North's expected value for this game = (10/13)x2 - (3/13)x4 = $ 0.62 c) North's expected value is positive North has advantage in this game
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
Please explain me each step.
Kyd and North are playing a game. Kyd selects one card from a standard 52-card deck. If Kyd selects a face card (Jack, Queen, or King), North pays him $6. If Kyd selects any other type of card, he pays North $2. Round to the second decimal place.
a) What is Kyd's expected value for this game? Round your answer to the nearest cent. $
b) What is North's expected value for this game? Round your answer to the nearest cent. $
c) Who has the advantage in this game?
I don't know where the 3/13 comes from?
P(Kyd selects a face card) = (4x3)/52
= 3/13
P(Kyd does not select a face card) = 1 -( 3/13 )
= 10/13
a) Kyd's expected value for this game = (3/13)x4 - (10/13)x2 = 0.9231 - 1.5385
= $ -0.62
b) North's expected value for this game = (10/13)x2 - (3/13)x4
= $ 0.62
c) North's expected value is positive
North has advantage in this game
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