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Suppose that you and a friend are playing cards and you decide to make a friendly...

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 clubs, your friend will pay you $9. Otherwise, you have to pay your friend $3. Step 2 of 2: If this same bet is made 753 times, how much would you expect to win or lose? Round your answer to two decimal places. Losses must be expressed as negative values.

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Answer #1

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Probability of drawing two club cards without replacement

=(13/52)*(12/51)=0.0588

Expected loss on single bet=0.0588*9-3*(1-0.0588)=-2.29

If repeated 753 times:

Expected loss=-2.29*753=-1727.47

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