Question: 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 $6
- If the card is a face card, and the coin lands on Tails, you win $2
- If the card is not a face card, you lose $2, no matter what the coin shows.
a. Find the expected value for this game (expected net gain or loss).
b. Explain what your calculations indicate about your long-term average profits and losses on this game.
c. Should you play this game to win money?