SOLUTION: Dawn and Mike play the following game. Dawn picks a card from a deck of cards. If she selects a black king, Mike will give her $5. If not, she has to give Mike $2. Should dawn play

Algebra.Com
Question 1117904: Dawn and Mike play the following game. Dawn picks a card from a deck of cards. If she selects a black king, Mike will give her $5. If not, she has to give Mike $2. Should dawn play this game? What is her expected value?
Answer by Boreal(15235)   (Show Source): You can put this solution on YOUR website!
There are two black kings and probability is 1/26 of being chosen and the monetary expected value is +$5/26.
For the probability of not getting one, 25/26, the monetary expected value is -$50/26
Her expected loss is -$45/26. Not worth playing.

RELATED QUESTIONS

Dawn and Mike play the following game. Dawn picks a card from a deck of cards. If she... (answered by Fombitz)
Mike and Dave play the following game, Mike picks a card from a deck of cards, if he... (answered by ewatrrr)
mike and dave play the following game. mike picks a card from a deck of cards if he... (answered by jorel1380)
Pick a card: Mike and Dave play the following game. Mike picks a card from a deck of... (answered by Edwin McCravy)
Mike and Dave play the following game. Mike picks from the deck of cards. If he draws a... (answered by stanbon)
Selecting cards ; fund the probability of getting 2 face cards (king, queen, or jack)... (answered by stanbon)
a person selects a card from an ordinary deck of cards. if it is a black card, she wins... (answered by stanbon)
HOMEWORK HELP PLEASE I DO NOT UNDERSTAND A person selects a card from an ordinary... (answered by Theo)
what is the probability of drawing a king or black card from a deck of cards... (answered by jim_thompson5910)