Let Y denote the value of the dealer 's card that can be seen by all the players, in a game of Black Jack Let X be a Bernoulli random variable that indicates whether the dealer must stay (i e , not take another card) Given Y 10, find the expected value of X Hint In Black Jack, if the dealer has a t...

X is Bernoulli so E X P unseen card is ...

Let Y denote the value of the dealer's card that can be seen by all the players,

Question:

Let Y denote the value of the dealer's card that can be seen by all the players, in a game of Black Jack. Let X be a Bernoulli random variable that indicates whether the must stay (i.e., not take another card). Given Y = 10, find the expected value of X. Hint: In Black Jack, if the has a total of 17 or greater in her hand, then she must stay; if her total is 16 or less, she will draw. For the purposes of this question, the Ace has value 11, and each face card (Jack, Queen, or King) has the value 10.
Dealer
A dealer in the securities market is an individual or firm who stands ready and willing to buy a security for its own account (at its bid price) or sell from its own account (at its ask price). A dealer seeks to profit from the spread between the...