Question

A state lottery requires you to choose 4 cards from an ordinary deck: 1 heart, 1 club, 1 diamond, and 1 spade in that order from 13 cards in each suit. If all four choices are selected by the lottery, you win $5000. It costs $1 to play

Answer 1

The expected profit of playing the game over the long term is $1020.

Step-by-step explanation:

To find the expected profit of playing this game over the long term, we need to calculate the probability of guessing the right suit on each draw and the corresponding payout for each outcome. Since there are 4 suits and you are guessing the suit of each card, the probability of guessing the right suit on each draw is 1/4. The payout for guessing the right suit on each draw is $1, so the expected profit on each draw is ($256 - $1) = $255. Therefore, the expected profit of playing the game over the long term is 4 * $255 = $1020.