Back to 4.2 Mean or Expected Value and Standard Deviation

4.2 Exercise 2

Avg difficulty 2.5

You are playing a game of chance in which four cards are drawn from a standard deck of 52 cards. You guess the suit of each card before it is drawn. The cards are replaced in the deck on each draw. You pay $1 to play. If you guess the right suit every time, you get your money back and $256. What is your expected profit of playing the game over the long term?

OpenStax Statistics, 4.2 Mean or Expected Value and Standard Deviation, exercise 2

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