QuestionDraw a card from a deck: win \$13 for a face card, \$10 for an ace, lose \$12 for others. Find the expected gain.

Studdy Solution
Calculate the expected gain from the game.
$$(x) = (\$13 \times0.231) + (\$10 \times0.077) + (-\$12 \times0.692) = \$3 - \$0.77 - \$8.304 = -\$6.074$$The expected gain from this game is -\$6.074. This means, on average, the player is expected to lose about \$6.074 per game.