Calculate the net earnings of each game: a. The Ohio State Lottery (You win by picking the correct 6 of 47 numbers. $1 to play. Pays $5,000,000.) b. Pick one card from a standard 52 card deck of cards. Aces pay $5. The Queen of Hearts pays $10. All other face cards pay $1. $1 to play. c. Roll two dice and add their values together. A sum of 7 pays $1. A sum of 2 or 12 pays $10. $1 to play. d. Which of the games should you play to get the best value?

Calculate the net earnings of each game: a. The Ohio State Lottery (You win by picking the correct 6 of 47 numbers. $1 to play. Pays $5,000,000.) b. Pick one card from a standard 52 card deck of cards. Aces pay $5. The Queen of Hearts pays $10. All other face cards pay $1. $1 to play. c. Roll two dice and add their values together. A sum of 7 pays $1. A sum of 2 or 12 pays $10. $1 to play. d. Which of the games should you play to get the best value?

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Step 1: Write the given information.

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Step 2: Compute the expected earning of Ohio State Lottery game.

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Step 3: Compute the expected earning of picking one card from a standard 52 card.

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Step 4: Compute the expected earning of rolling two dice.

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Step 5: Determine the game that should be played to get the best value.

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