document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1196467>Question 1196467</A>: <I><SPAN STYLE=\"word-break: break-all;\"> If you draw a card with a value of two or less from a standard deck of cards, I will pay you $16.  If not, you pay me $4.  (Aces are considered the highest card in the deck.)\r<BR>\n" );
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document.write( "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.\r<BR>\n" );
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document.write( "If aces are considered high cards, then \"two or less\" means only a 2 is a winning draw.  The probability of drawing a 2 is 4/52 = 1/13; the probability of drawing anything else is 12/13.<br><BR>\n" );
document.write( "The expected value is the sum of each probability times its associated value:<br><BR>\n" );
document.write( "(1/13)(+16) + (12/13)(-4) = 16/13 - 48/13 = -32/13<br><BR>\n" );
document.write( "ANSWER: -32/13 dollars<br><BR>\n" );
document.write( "You can do the conversion to a decimal and the prescribed rounding.<br><BR>\n" );
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