SOLUTION: If you draw a card with a value of four or less from a standard deck of cards, I will pay you $173. If not, you pay me $48. (Aces are considered the highest card in the deck.)
Algebra ->
Probability-and-statistics
-> SOLUTION: If you draw a card with a value of four or less from a standard deck of cards, I will pay you $173. If not, you pay me $48. (Aces are considered the highest card in the deck.)
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Question 1177006: If you draw a card with a value of four or less from a standard deck of cards, I will pay you $173. If not, you pay me $48. (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. Answer by ewatrrr(24785) (Show Source):
Hi
2,3,4 in each suit: 12 cards 4 or less
draw a card from a standard deck:
expected value = 12/52($173) - 40/52($48) = $3.00
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