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Mathematics, 26.02.2020 01:28 cherry12345627
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 diamonds, your friend will pay you $37. Otherwise, you have to pay your friend $5.
Step 1. What is the expected value of your bet? Round your answer to two decimal places. Losses must be expressed as negative values.
Step 2. If this same bet is made 713 times, how much would you expect to win or lose? Round your answer to two decimal places. Losses must be expressed as negative values.
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