You are playing a game of chance in which four cards are drawn from a standard deck of 52 cards. You guess the suit of each card before it is drawn. The cards are replaced in the deck on each draw. You pay $1 to play. If you guess the right suit every time, you get your money back and $256. What is your expected profit of playing the game over the long term?

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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You are playing a game of chance in which four cards are drawn from a standard deck of 52
cards. You guess the suit of each card before it is drawn. The cards are replaced in the deck
on each draw. You pay $1 to play. If you guess the right suit every time, you get your money
back and $256. What is your expected profit of playing the game over the long term?
Transcribed Image Text:You are playing a game of chance in which four cards are drawn from a standard deck of 52 cards. You guess the suit of each card before it is drawn. The cards are replaced in the deck on each draw. You pay $1 to play. If you guess the right suit every time, you get your money back and $256. What is your expected profit of playing the game over the long term?
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