MATH SOLVE

9 months ago

Q:
# Suppose you pay $1.00 to play the following game. A card is drawn from a standard deck. If it is an ace, you recieve $5.00, if it is a king, queen, or jack, you receive $3.00. Otherwise you recieve no money. Find the expected value of your net winning. Use decimal notation for your answer.

Accepted Solution

A:

Answer:0.08Step-by-step explanation:A standard deck contains 52 cards. There are 4 aces and 12 kings/queens/jacks. This means that there is a 4/52 (or 1/13) chance of you winning 5$, and a 12/52 (or 3/13) chance of you winning 3$. To find the expected value, we can simply find the average amount of winnings. This can be done by adding the possible winning values for each card.. Since there is a 1/13 chance that you win 5$, we can add 5*1=5 to the sum. For the kings/jacks/queens, we can add 3*3=9 to the sum. Then, since we win nothing for anything else, we can find the expected value to be 14/13 = 1.08 (approximately). Subtracting the 1$ pay, the expected net winning is 0.08, or 8 cents.