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Friend invites you to play a game of chance

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Reference no: EM132066840

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?

Reference no: EM132066840

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