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 ...
- statistics - Consider the events of drawing an ace, then draw another ace, ...
- Math - What is the probability of pulling the 2 of clubs from a standard deck of...
- probability - Anne and Bob each have a deck of playing cards. Each flips over a...
- 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 ...
- Algebra 2 Expected values - Sarah draws cards from a deck of 52 cards. She ...
- bus stats - A deck of playing cards contains 52 cards, four of which are aces. ...

More Related Questions