Question
Each round of the game costs $1 to play. A round consists of you choosing a number from 1 to 10 and then picking a card at random from a standard deck of cards. I fyou pick a card with the number you chose, you win $5. If you don't, you lose your dollar.
a) What is the probability that you can win? What is the probability you can lose?
a) What is the probability that you can win? What is the probability you can lose?
Answers
Sasha
Using a standar deck of 52 cards, what is the probability of drawing four cards of the same number(eg.four aces, 4 kings, fiyr 2s, four 3s,etc?
drwls
The probability of winning is obviously 1/10 and the probability of losing is 1 minus that (9/10). Those are not the important numbers. What matters is the expected gain or loss, taking the amount of the "pot" into account..
There is a 1/10 chance of winning $5 (and your dollar back, presumably). That is an average return of 0.60, but there is a $1 cost to play each time, so on the average 40 cents is lost each time.
The expected return is a 40 cent loss per round. Those are pretty bad odds for the bettor.
There is a 1/10 chance of winning $5 (and your dollar back, presumably). That is an average return of 0.60, but there is a $1 cost to play each time, so on the average 40 cents is lost each time.
The expected return is a 40 cent loss per round. Those are pretty bad odds for the bettor.