SOLUTION: IN A GAME OF 52 DECKS of cards, i will receive 50 if the card is drawn is an ace and 20 if it's a king. i pay 5 if any other card drawn. find the expected value

Question 507781: IN A GAME OF 52 DECKS of cards, i will receive 50 if the card is drawn is an ace and 20 if it's a king. i pay 5 if any other card drawn. find the expected value
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
IN A GAME OF 52 DECKS of cards, i will receive $50 if the card drawn is an ace and $20 if it's a king. i pay $5 if any other card drawn. find the expected value
---
Random "winning" values::::::: 50 :::::20 ::::::-5
Corresponding probabilities:::1/13::::1/13::::::11/13
-------------
E(winning) = (50+20-5*11)/13 = 15/13 = $1.15
=================================================
Cheers,
Stan H.
==========
RELATED QUESTIONS
In a gambling game a man is paid $3 if he draws a jack or queen and $5 if he draws a king (answered by Edwin McCravy)

In a game of blackjack, a 2-card hand consisting of an ace and a face card or a 10 is... (answered by Fombitz)

When a single card is drawn from an ordinary 52 card deck, find the probability it will... (answered by AnlytcPhil)

Two cards are drawn from a fifty-two-card deck. What is the probability that the pair (answered by Fombitz)

In a game room, there are three decks of cards: Deck 1 contains 5 red cards and 3 black... (answered by Edwin McCravy)

A pack of cards consist of 4 types of cards, diamond, hearts, spades , clubs. Each pack... (answered by stanbon)

A barker comes up with a new carnival game. A player will draw 1 card out of a full 52... (answered by edjones)

Q: A game of �Quick Draw� is played in a certain casino. In the game, a player chooses a (answered by solver91311)

If 3 cards are dealt from a 52 card deck, what is the probability that one of those cards (answered by rothauserc)