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Sagot :
Answer:
The expected value is 0
Game is fair
Step-by-step explanation:
Probability = required outcome / Total possible outcomes
Number of red cards = 26
Numbw rof black cards = 26
Total number of cards = 52
If a red card is chosen, amount paid is doubled
If a black card is chosen, no winning or amount is collected.
Net money won or lost on choosing a red card = ($2 - $1) = $1
Net amount won on choosing a black card = $0 - $1 = - $1
P(red) = 26 /52 = 1/2
P(blue) = 26 /52 = 1/2
Expected value (E):
E = x*p(x)
E(X) = (1/2 * 1) + (1/2 * - 1)
E(X) = 1/2 - 1/2 = 0
Hence, since the expected value is 0 ; then the game is fair
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