Bob has a deck of 10 cards numbered 1 through 10. He is playing a game of chance. This game is this: Bob chooses one card from the deck at random. He wins an amount of money equal to the value of the card if an odd numbered card is drawn. He loses $3.40 if an even numbered card is drawn. (If necessary, consult a list of formulas.) (a) Find the expected value of playing the game. Il dollars (b) What can Bob expect in the long run, after playing the game many times? (He replaces the card in the deck each time.) O Bob can expect to gain money. He can expect to win dollars per draw. Bob can expect to lose money. He can expect to lose dollars per draw. O Bob can expect to break even (neither gain nor Idse money). O RANDOM VARIABLES AND DISTRIBUTIONS Emmanuel V Computing expected value in a game of chance Bob has a deck of 10 cards numbered 1 through 10. He is playing a game of chance. This game is this: Bob chooses one card from the deck at random. He wins an amount of money equal to the value of the card if an odd numbered card is drawn. He loses $3.40 if an even numbered card is drawn. (If necessary, consult a list of formulas.) (a) Find the expected value of playing the game. Aa || dollars (b) What can Bob expect in the long run, after playing the game many times? (He replaces the card in the deck each time.) Bob can expect to gain money. He can expect to win dollars per draw. " Bob can expect to lose money. He can expect to lose dollars per draw. Bob can expect to break even (neither gain nor Idse money). Activate Windor Go to Settings to actv Explanation Check C 2020 McGraw-Hill Education All Rights Reserved. Terms of Use Privacy | Accessiblity o @ Type here to search II