SOLUTION: If you draw 2 hearts on 2 consecutive draws without replacement from a standard deck of cards you win $585. Otherwise you pay me $35. Find the expected value of the proposition.

Question 1088418: If you draw 2 hearts on 2 consecutive draws without replacement from a standard deck of cards you win $585. Otherwise you pay me $35. Find the expected value of the proposition.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
probability of first card a heart is 13/52 or 1/4
probability of second card a heart given first is a heart is 12/51=4/17
The joint probability is 1/17
E(X)=sum of x*p(x)=(1/17)(585)-(16/17)*35=34.412-32.941=+$1.47
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