Question

You play a where you draw one card from a standard deck of playing cards. If you pick a diamond, you win $10. If you pick a face card, which is not a diamond, you win $6. If you pick any other card, you lose $5. How much money do you expect to win?

Answer 1

expected value = (13/52)(10) + (9/52)(8) + (30/52)(-6) = $.42

expected value is you win $.42, so you want to play

Explanation: