Mean or Expected Value and Standard Deviation · Exercise 21
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?
OpenStax, Introductory Statistics 2e · §4.2 Mean or Expected Value and Standard Deviation · Exercise 21
No hints for this one.
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