You are given 10 to 1 odds against drawing two hearts when two cards are selected at random from a standard deck of 52 cards (with replacement of the first card before the second card is drawn). This means that you win $10 if you succeed and you lose $1 if you fail. Find the expected value (to you) of the game. Round to the nearest cent.

You are given 10 to 1 odds against drawing two hearts when two cards are selected at random from a standard deck of 52 cards (with replacement of the first card before the second card is drawn). This means that you win $10 if you succeed and you lose $1 if you fail. Find the expected value (to you) of the game. Round to the nearest cent.

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter9: Counting And Probability

Section9.3: Binomial Probability

Problem 2E: If a binomial experiment has probability p success, then the probability of failure is...

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Question

You are given

to 1 odds against drawing two hearts when two cards are selected at random from a standard deck of 52 cards (with replacement of the first card before the second card is drawn). This means that you win

$10

if you succeed and you lose $1 if you fail. Find the expected value (to you) of the game. Round to the nearest cent.

Expert Solution