Answer to Question #48371 in Statistics and Probability for Afrah

Question #48371

1. While playing deck of cards, you bet a $10 for king and you have 1/38 probability of winning $350 and 3 probability of losing $10. If you bet $10 that the outcome is a club the probability of winning $10 is 18/38, and the probability of losing $10 is 20/38.

a. Define a discrete random variable.
b. If that person bet $10 on for a king, what is your expected value?
c. Is the bet on number a king probability distribution? Why?
d. If you bet $10 that the outcome is a club, what is your expected value?
e. Is the bet on the outcome is and odd number a probability distribution? Why?
f. Which of these options is best: bet on a king, bet on a club, or don't bet? Why?

Expert's answer