Would it be a good idea to play 1000 times assuming the


Imagine a friend invites you to play a game of chance that costs $1 to play each time. You get to choose one card. You win if your card is the Ace of Spades. Otherwise, you lose. The amount of money you could win is $(40 + the day of your birth). For example, if you were born on July 4th, you could win $40 + $4 = $44 if you chose the Ace of Spades in your draw. What is the expected value of the amount you will win from each turn? Would it be a good idea to play this game only one time? Would it be a good idea to play 1,000 times, assuming the card you chose is replaced and the deck is reshuffled on each play?

Solution Preview :

Prepared by a verified Expert
Business Management: Would it be a good idea to play 1000 times assuming the
Reference No:- TGS02865845

Now Priced at $10 (50% Discount)

Recommended (93%)

Rated (4.5/5)