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Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742

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BuyFindarrow_forward

Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742
Textbook Problem

SKILLS

3-12 ■ Expected Value of a Game Find the expected value (or expectation) of the games described.

The game consists of drawing a card from a deck. You win $ 100 if you draw the ace of spades or lose $ 1 if you draw any other card.

To determine

The expected value of the game.

Explanation

Approach:

The expected value is given as,

E=a1p1+a2p2++anpn ……(1)

Here, a1,a2,,an is the amount of payout and p1,p2,,pn is the probability of payout.

Given:

If you draw the ace of spades, you win $100 or lose $1 if you draw any other card.

Calculation:

Since the probability of the card to ace of spades is 152 and the probability of the card to other than ace of spades is 5152.

Calculate the expected value of the game

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Chapter 14 Solutions

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