Posted by **Martha** on Wednesday, February 14, 2007 at 8:11am.

At a fair run by a local charity organization, it costs 50 cents to try one's luck in drawing an ace from a deck of 52 playing cards. What is the expected profit per customer if they pay $4 if and only if a person draws an ace.

I presume that the drawn card is replaced after every play. First calculate the expected payoff -- the probability of hitting the payoff times the payoff - or (4/52)*$4. = 0.3077 So, the expected profit per play is $0.50 less $0.3077

## Answer this Question

## Related Questions

- Math - At a fair run by a local charity organization, it costs 50 cents to try ...
- Math - At a fair run by a local charity organization, it costs 50 cents to try ...
- Probability - At a fair run by a local charity organization, it costs 50 cents ...
- Statics - An ace,king,Jack of Clubs or Queen of Diomonds Occure While Drawing ...
- Math (Probability) - A standard deck of cards contains 52 cards. Of these cards ...
- bus stats - A deck of playing cards contains 52 cards, four of which are aces. ...
- Please help! im so confused! - You draw two cards from a well-shuffled deck of ...
- Math - Which pair has equally likely outcomes? List the letters of the two ...
- math - Two cards are chosen from a standard deck of 52 playing cards without ...
- math - 1. A card is drawn from an ordinary deck of 52 playing cards. What are ...

More Related Questions