SOLUTION: Dawn and Mike play the following game. Dawn picks a card from a deck of cards. If she selects a black king, Mike will give her $5. If not, she has to give Mike $2. Should dawn play
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-> SOLUTION: Dawn and Mike play the following game. Dawn picks a card from a deck of cards. If she selects a black king, Mike will give her $5. If not, she has to give Mike $2. Should dawn play
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Question 1117904: Dawn and Mike play the following game. Dawn picks a card from a deck of cards. If she selects a black king, Mike will give her $5. If not, she has to give Mike $2. Should dawn play this game? What is her expected value? Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! There are two black kings and probability is 1/26 of being chosen and the monetary expected value is +$5/26.
For the probability of not getting one, 25/26, the monetary expected value is -$50/26
Her expected loss is -$45/26. Not worth playing.
