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Find the expected value for the game

Assignment Help Basic Statistics
Reference no: EM131643659

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?

Reference no: EM131643659

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