Question

If you have a chance to win $500 for drawing a card of 10 of any suit from a standard deck of cards, what is the value of expectation?

Answer 1

The expected value is $38.46.

Explanation:

The probability of drawing a 10 from any suit is 4/52. Multiply this by the earnings, 500:

4/52(500) = 2000/52 = 38.46

Hope this helps!