SOLUTION: If you draw a card with a value of two or less from a standard deck of cards, I will pay you $16. If not, you pay me $4. (Aces are considered the highest card in the deck.)
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Question 1196467: If you draw a card with a value of two or less from a standard deck of cards, I will pay you $16. If not, you pay me $4. (Aces are considered the highest card in the deck.)
Step 1 of 2 : Find the expected value of the proposition. Round your answer to two decimal places. Losses must be expressed as negative values.
Answer by greenestamps(13200) (Show Source): You can put this solution on YOUR website!
If aces are considered high cards, then "two or less" means only a 2 is a winning draw. The probability of drawing a 2 is 4/52 = 1/13; the probability of drawing anything else is 12/13.
The expected value is the sum of each probability times its associated value:
(1/13)(+16) + (12/13)(-4) = 16/13 - 48/13 = -32/13
ANSWER: -32/13 dollars
You can do the conversion to a decimal and the prescribed rounding.
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