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

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
`=(4)/(52)`

Probability of getting a king, queen or Jack
`=(12)/(52)`

Expected value of Win
`=5* (4)/(52)+3* (12)/(52)-1`

`=(56)/(52)-1`

`=(4)/(52)=0.0769`