SOLUTION: If you draw a card with a value of three or less from a standard deck of cards, I will pay you $47. If not, you pay me $12. (Aces are considered the highest card in the deck.)
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Probability-and-statistics
-> SOLUTION: If you draw a card with a value of three or less from a standard deck of cards, I will pay you $47. If not, you pay me $12. (Aces are considered the highest card in the deck.)
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Question 1165466: If you draw a card with a value of three or less from a standard deck of cards, I will pay you $47. If not, you pay me $12. (Aces are considered the highest card in the deck.)
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.
You can put this solution on YOUR website! Probability you win is 8/52, since there are 4 3s and 4 deuces
multiply that by $47 and expected value that is + is $7.23
probability you lose is 44/52 and expected value that is - is that *$12=$10.15
E(X) for the game is $7.23-$10.15=-$2.92 per event
