What will be the mean amount winning

Reference no: EM131762410

Question: A deck of cards contains 52 cards, of which 4 are aces. You are offered the following wager: Draw one card at random from the deck. You win $10 if the card drawn is an ace. Otherwise, you lose $1. If you make this wager very many times, what will be the mean amount you win?

(a) About -$1, because you will lose most of the time.

(b) About $9, because you win $10 but lose only $1.

(d) About $0.77; that is, on average you win about 77 cents.

(e) About $0, because the random draw gives you a fair bet.

Reference no: EM131762410

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