Question

Suppose you pay $1.00 to play the following game. A card is drawn from a standard deck. If it is an ace, you receive $5.00, if it is a king, queen, or jack, you receive $3.00. Otherwise, you receive no money. Find the expected value of your net winning. Use decimal notation for your answer.

Answer 1

Answer:0.0769

Step-by-step explanation:

Given

Price for Playing card Game = $ 1

If a ace comes out you win $5

If it is king, queen, or jack then you receive =$ 3

Probability of getting a ace $=\frac{4}{52}$

Probability of getting a king, queen or Jack$=\frac{12}{52}$

Expected value of Win$=5\times \frac{4}{52}+3\times \frac{12}{52}-1$

$=\frac{56}{52}-1$

$=\frac{4}{52}=0.0769$