A game involves selecting a card from a regular 52-card deck and tossing a coin. The coin is a fair coin and is equally likely to land on heads or tails. If the card is a face card, and the coin lands on Heads, you win $4 If the card is a face card and the coin lands on Tails, you win $1 If the card isn't a face card, I lose $1, no matter what the coin shows I need help finding the expected value for this game (expected net gain or loss). If you could explain it step by step it would help a lot. I also have to round the answer to two decimal places.   I also need help with the questions below: What does the calculations indicate about your long-term average profits and losses on this game? And should you play this game to win money? (Please explain step by step, thank you)

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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A game involves selecting a card from a regular 52-card deck and tossing a coin. The coin is a fair coin and is equally likely to land on heads or tails.

  • If the card is a face card, and the coin lands on Heads, you win $4
  • If the card is a face card and the coin lands on Tails, you win $1
  • If the card isn't a face card, I lose $1, no matter what the coin shows

I need help finding the expected value for this game (expected net gain or loss). If you could explain it step by step it would help a lot. I also have to round the answer to two decimal places.

 

I also need help with the questions below:

  • What does the calculations indicate about your long-term average profits and losses on this game? And should you play this game to win money?

(Please explain step by step, thank you)

 
 
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