What is
2 answers:
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<u>Given</u>:
Given that in a game a player draws and replaces a card from a deck 2 times.
The possible outcomes and payouts are given.
We need to determine the expected value for someone playing the game.
<u>Expected value:</u>
The expected value for someone playing the game can be determined by
Simplifying the values, we have;
Dividing the terms, we get;
Adding, we have;
Thus, the expected value for someone playing the game is $8