Question: If I could get some step by step help, please A game involves selecting a card from a regular 52-card deck and tossing a coin.

If I could get some step by step help, please

A game involves selecting a card from a regular 52-card deck and tossing a coin. The coin is a fair coin and is equally likely to land on heads or tails.If the card is a face card, and the coin lands on Heads, you win $3If the card is a face card, and the coin lands on Tails, you win $1If the card is not a face card, you lose $1, no matter what the coin shows.

  • Part (a)
  • Find the expected value for this game (expected net gain or loss). (Round your answer to two decimal places.)
  • $
  • Part (b)
  • Explain what your calculations indicate about your long-term average profits and losses on this game.
  • The calculated value represents a fixed amount that your total money will change after each loss.
  • The calculated value represents the average amount per loss that your total money will change over a large number of games.
  • The calculated value represents a fixed amount that your total money will change after each game.
  • The calculated value represents the average amount per game that your total money will change over a large number of games.
  • Part (c)
  • Should you play this game to win money?
  • Yes, because the expected value indicates an expected average gain.
  • No, because the expected value indicates an expected average loss.

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