The amount of winning is more than amount of loosing. Then the amount of winning will be $3738.
<h3>How to find that a given condition can be modelled by binomial distribution?</h3>
Binomial distributions consist of n independent Bernoulli trials.
The expected value will be
E(X) = np
Suppose that you and a friend are playing cards, and you decide to make a friendly wager.
The bet is that you will draw two cards without replacement from a standard deck.
If both cards are spades, your friend will pay you $39.
Otherwise, you have to pay your friend $5.
If this same bet is made 623 times.
The maximum amount of winning will be
E(win) = np
We have
p = 0.25
n = 623
Then we have
E(win) = 0.25 × 623
E(win) = 155.75
Then the winning amount will be
WA = 155.75 × 39
WA = $6074.25
The maximum amount of loosing will be
E(loose) = np
We have
p = 0.75
n = 623
Then we have
E(loose) = 0.75 × 623
E(loose) = 467.25
Then the loosing amount will be
LA = 467.25 × 5
LA = $2336.25
Then the amount of winning will be
⇒ $ 6074.25 - $ 2336.25
⇒ $ 3738
Learn more about binomial distribution here:
brainly.com/question/13609688
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