Question

if you draw a card with a value of 7 or less from a standard deck of cards, I will pay you $12. If not,you will pay me $13(Aces are considered the highest card in the deck).If you played this game 757times how much would you expect to win or lose? round your answer to 2 decimal places . Losses must be expressed as negative values. Answer:$______

Answer 1

There are 52 cards in a standard deck of cards. The number of cards with a value of 7 or less are 6 (7, 6, 5, 4, 3, and 2). Since there are 4 suits in one deck of cards, that would be a total of 24 cards.

The probability of getting a card 7 or less is 24/52.

Next, the remaining probability of drawing a card with a higher value than 7 would be 28/52.

Then, we need to find the value of each possible outcomes

`=((24)/(52))(12)+((28)/(52))(-13)`

*Since you have to pay $13, the value would be negative.

`=-1.46`

Your expected loss in one game is -$1.46.

Now, to know your expected loss in 757 games, we just have to multiply the