Expected value of the gain for the player, Basic Statistics

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Expected value of the gain for the player

A game charges $1 to play and pays $4 if a card drawn from the deck is a face card (Jack, Queen, or King); if not the player loses the money. Find the expected value of the gain for the player.

Outcome. Gain. Probability
Face. $4-$1=$3. ?
No Face. $0-$1=-$1. ?

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Basic Statistics: Expected value of the gain for the player

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Basic Statistics: Expected value of the gain for the player

Reference No:- TGS0749738

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Recent Questions Asked Basic Statistics

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Basic Statistics: Expected value of the gain for the player

Reference No:- TGS0749738

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