A deck of cards contains 52 cards, of which 4 are aces. You are offered the following

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A deck of cards contains 52 cards, of which 4 are aces. You are offered the following wager: Draw one card at random from the deck. You win $10 if the card drawn is an ace. Otherwise, you lose $1. If you make this wager very many times, what will be the mean amount you win?

a. About −$1, because you will lose most of the time.

b. About $9, because you win $10 but lose only $1.

c. About −$0.15; that is, on average, you lose about 15 cents.

d. About $0.77; that is, on average, you win about 77 cents.

e. About $0, because the random draw gives you a fair bet.


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Related Book For  book-img-for-question

The Practice Of Statistics

ISBN: 9781319113339

6th Edition

Authors: Daren S. Starnes, Josh Tabor

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