SOLUTION: If you draw a card with a value of 3 or less from a standard deck of cards, I will pay you $42, If not you pay me $11. Enter the expected value of the proposition.

Question 721482: If you draw a card with a value of 3 or less from a standard deck of cards, I will pay you $42, If not you pay me $11. Enter the expected value of the proposition.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
If you draw a card with a value of 3 or less from a standard deck of cards, I will pay you $42, If not you pay me $11. Enter the expected value of the proposition.
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Assume ace, 2, and 3 are 3 or less.
There are 12 such cards.
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Random Number values.....+42......-11
Probabilities.............12/52...40/52
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E(x) = [12*42 - 11*40]/52 = 64/52 = $1.23
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You can expect to win $1.23 each time you play the game
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Cheers,
Stan H.
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