2-A card is drawn at random from a deck consisting of cards numbered 2 through 10. A player wins 1 dollar if the number on the card is odd and loses 1 dollar if the number if even. What is the expected value of his winnings?
2-A card is drawn at random from a deck consisting of cards numbered 2 through 10. A player wins 1 dollar if the number on the card is odd and loses 1 dollar if the number if even. What is the expected value of his winnings?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:1- For example, suppose that you ask your father for
some extra money. Instead of just giving you the
money, he offers to flip a coin. If the coin lands
"heads" – you win – and he will give you $20. If it
lands “tails", you lose, and you receive nothing. In this
example, we would say that the payout associated with
the event that the coin lands "heads" is $20, and the
payout associated with "tails" is $0.
Before accepting your dad's offer, you turn to your
mother and ask her for some extra money. Having
overheard the conversation with your father, she makes
a different offer. She will role a die, and give you $3 for
every spot that turns up. (That is, if she rolls a 1, she
will give you $3; if she rolls a 2, she will give you
$6.00 (= 2 x $3.00), ... if she rolls a 6, she will give you
$18 (= 6 x $3.00)).
At this point you realize two things: First, you realize
your parents are both very weird. Second, (since your
mother and father won't both give you money) you
realize that you need some way to compare the two
offers.
So which of these offers should you take? Which is the
better offer?
2-A card is drawn at random from a deck consisting of
cards numbered 2 through 10. A player wins 1 dollar if
the number on the card is odd and loses 1 dollar if the
number if even. What is the expected value of his
winnings?
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