Question

A game costs $1.00 to play. In the game, the player picks a card at random from a standard deck of cards. If the card is a face card, the player receives $7.00 if the card is not a face card, the player receives nothing.

What is the expected value for the player?

Answer 1

The expected value for the player by participating in the game of the deck of cards is $0.50.

What is the expected value?

The expected value is the payoff that is expected less the cost of the game.

Expected value =  total benefits of the game - cost

(fraction of face cards x payoff of picking a face card) + 0 - $1

(12/52 x 7) - $1 = $0.50

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