SOLUTION: If you draw a card with a value of two or less from a standard deck of cards, I will pay you $317
. If not, you pay me $24
. (Aces are considered the highest card in the deck.)
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Question 1203983: If you draw a card with a value of two or less from a standard deck of cards, I will pay you $317
. If not, you pay me $24
. (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 MathLover1(20849) (Show Source): You can put this solution on YOUR website!
The total number of cards in the deck:
The number of cards which have a value of two or less:
there are possible cards you can draw to win the $
The probability of this is then
On the flip side, there are cards you could draw (the remaining cards in the deck), where you have to pay $.
The probability of this is then
Thus, the expected value of this proposition is calculated by :
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