2.36 Is it worth it?: Andy is always looking for ways to make money fast. Lately,...
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2.36 Is it worth it?: Andy is always looking for ways to make money fast. Lately, he has been trying to make money by gambling. Here is the game he is considering playing: The game costs $2 to play. He draws a card from a deck. If he gets a number card (2-10), he wins nothing. For any face card (jack, queen or king), he wins $3. For any ace, he wins $5 except for the ace of clubs for which he wins $25. Round answers to 2 decimal places. a) Andy's expected profit per game is: (Hint: Profit-Winnings-Cost) $ b) Would you recommend this game to Andy as a good way to make money? Explain. No, we expect Andy to lose money each time he plays this game Yes, Andy could be lucky and might earn money in the long-run playing this game 2.36 Is it worth it?: Andy is always looking for ways to make money fast. Lately, he has been trying to make money by gambling. Here is the game he is considering playing: The game costs $2 to play. He draws a card from a deck. If he gets a number card (2-10), he wins nothing. For any face card (jack, queen or king), he wins $3. For any ace, he wins $5 except for the ace of clubs for which he wins $25. Round answers to 2 decimal places. a) Andy's expected profit per game is: (Hint: Profit-Winnings-Cost) $ b) Would you recommend this game to Andy as a good way to make money? Explain. No, we expect Andy to lose money each time he plays this game Yes, Andy could be lucky and might earn money in the long-run playing this game
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