SOLUTION: draw a card with a value of 2 or less from a standard deck of cards, i will pay you $16. if not, you pay me $5. (Aces are considered the highest card in the deck. what is the expec

Question 801292: draw a card with a value of 2 or less from a standard deck of cards, i will pay you $16. if not, you pay me $5. (Aces are considered the highest card in the deck. what is the expected value of proposition?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
draw a card with a value of 2 or less from a standard deck of cards, i will pay you $16. if not, you pay me $5. (Aces are considered the highest card in the deck. what is the expected value of proposition?
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Random "winning" values.....16...... -5
Probabilities.............. 1/13.... 12/13
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Expected "winnings"::: [16 - 12*5]/13 = (16-60)/13 = -44/13 = -$3.38
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Cheers,
Stan H.
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