Suppose that you and a friend are playing cards and you decide to make a friendl

Question

Suppose that you and a friend are playing cards and you decide to make a friendly wager. The bet is that you will draw two cards without replacement from a standard deck. If both cards are clubs, your friend will pay you $765. Otherwise, you have to pay your friend $46 Step 2 of 2: If this same bet is made 872 times, how much would you expect to win or lose? Round your answer to two decimal places. Losses must be expressed as negative values. Tables Keypad Answer How to enter your answer Previous step answer

Explanation / Answer

From step 1, Expected value of the bet = 1.71

Hence,

Amount which we expect to win

= 872*1.71

= $ 1491.12

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