Purchase Solution

Expect to Win or Lose

Not what you're looking for?

Ask Custom Question

Suppose that you and a friend are playing cards and decide to make a bet.
If your friend draws two aces in succession from a standard deck of 52 cards without replacing the first card, you give him $70.Otherwise, he pays you $10.
If the same bet was made 15 times, how much would you expect to win or lose?
Round your answer to the nearest cent, if necessary.

Purchase this Solution

Solution Summary

Step-by-step calculations and explanations are shown.

Solution Preview

First, calculate the probability of drawing 2 aces in succession.
Initially, there are 4 aces in the deck of 52 cards.
The probability of drawing an ace is 4/52.

The first card drawn is not replaced. Now there are 3 aces ...

Solution provided by:
Education
  • MSc, California State Polytechnic University, Pomona
  • MBA, University of California, Riverside
  • BSc, California State Polytechnic University, Pomona
  • BSc, California State Polytechnic University, Pomona
Recent Feedback
  • "Excellent work. Well explained."
  • "Can you kindly take a look at 647530 and 647531. Thanks"
  • "Thank you so very much. This is very well done and presented. I certainly appreciate your hard work. I am a novice at statistics and it is nice to know there are those out there who really do understand. Thanks again for an excellent posting. SPJ"
  • "GREAT JOB!!!"
  • "Hello, thank you for your answer for my probability question. However, I think you interpreted the second and third question differently than was meant, as the assumption still stands that a person still independently ranks the n options first. The probability I am after is the probability that this independently determined ranking then is equal to one of the p fixed rankings. Similarly for the third question, where the x people choose their ranking independently, and then I want the probability that for x people this is equal to one particular ranking. I was wondering if you could help me with this. "
Purchase this Solution


Free BrainMass Quizzes
Terms and Definitions for Statistics

This quiz covers basic terms and definitions of statistics.

Measures of Central Tendency

Tests knowledge of the three main measures of central tendency, including some simple calculation questions.

Know Your Statistical Concepts

Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.

Measures of Central Tendency

This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.