In gambling game,a man is paid 3 dollars if he draws a jack or queen and 5 dollars if he draws a king or ace from an ordinary deck of 52 playing cards.if he draws any other card he loses.How much should he play if the game fair?

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- Sep 23rd 2007, 01:47 AMalderonprobabilty ang statistic
In gambling game,a man is paid 3 dollars if he draws a jack or queen and 5 dollars if he draws a king or ace from an ordinary deck of 52 playing cards.if he draws any other card he loses.How much should he play if the game fair?

- Sep 23rd 2007, 05:46 AMCaptainBlack
Let the stake be $\displaystyle X$, then to be a fair game requires that

the expected return be $\displaystyle 0$. The expected return is:

$\displaystyle

e=(8/52)\times 3 + (8/52) \times 5 - (36/52) \times X

$

So solve this for $\displaystyle X$ to find what s fair stake is.

RonL