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 $25. If not, she has to give Mike $2. Should Dawn pla

Question 1117991: 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 $25. If not, she has to give Mike $2. Should Dawn play this game? What is her expected value?
P.S. - If you can answer this question, can you please explain/show me how to solve this problem using the "Expected Value" formula which is, "E = P1xA1 +P2xA2 + P3xA3"? Thanks.
Answer by Fombitz(32388) (Show Source): You can put this solution on YOUR website!
What's the probability of drawing a black king?
There are two of them in a standard deck of 52 cards so,

So the complement or the probability of not drawing a black king is,

Her expected earnings would then be,

So she should expect to lose about 96 cents each time she plays.
She probably shouldn't play this game unless she likes to lose.

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