The expected value of the bet is -15.693
According to the question we have been given that
If we draw a card with value 5 or less, we will be payed = 57
If failed to draws cards, we have to pay = 48
Now first we will find the probability of drawing cards with value less than or equal to 5.
Cards with value less than five are : 2,3,4,5
Total number of cards will be 16.
Probability = 16/52
Also number of cards with values greater than five is 36
Probability = 36/52
Thus the expected value of the bet will be
= 57*(16/52) + (-48)*(36/52) [ negative sign as we have to pay if we loose to draw the required card]
= 17.538 - 33.231
= -15.693
Hence the expected value is -15.693
learn more about probability here : https://brainly.com/question/25870256
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