Elementary Statistics: A Step-by-Step Approach with Formula Card 9th Edition

Published by McGraw-Hill Education
ISBN 10: 0078136334
ISBN 13: 978-0-07813-633-7

Chapter 5 - Discrete Probability Distributions - Review Exercises - Section 5-2 - Page 305: 13


2.15 dollars

Work Step by Step

The probability of drawing an ace is $1/13$ The probability of drawing a face card is $3/13$ The probability of drawing a 2-10 is $9/13$ The expected value (win) is $\frac{3}{13}\times10-\frac{1}{13}\times20+\frac{9}{13}\times2=28/13=2.15$ So an amount of 2.15 dollars should be charged to play this game in order for it to be fair.
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