SOLUTION: Mark draws one card from a standard deck of 52. He receives $ 0.50 for a spade, $ 0.70 for a jack and $ 0.85 for the jack of spades. How much should he pay for one draw?

Question 1021038: Mark draws one card from a standard deck of 52. He receives $ 0.50 for a spade, $ 0.70 for a jack and $ 0.85 for the jack of spades. How much should he pay for one draw?
Answer by robertb(5830) (Show Source): You can put this solution on YOUR website!
The probability of drawing a jack of spades is 1/52.
The probability of drawing a spade that is not a jack is 12/52, or 3/13.
The probability of drawing jack that is not a spade is 3/52.
His expectation is thus
.
Therefore he should pay $0.17 for one draw.
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