If a person draws 2 cards at random from a standard deck of 52 cards, what is the probability that they get 2 aces?
1 answer:
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Answer:
$3,000
Step-by-step explanation:
There two possible outcomes:
There is a 3/4 chance that the bid is rejected for a value of -$1,400
There is a 1/4 chance that the bid is accepted for a value of $17,600 - $1,400.
The expected value of the situation is:
The expected value is $3,000.
