You pay. 50 cent to draw a card from a deck. if you draw an ace you win ten dollars if you draw a face card (12 in a deck) you win a $1. what is your expected value

Question

Mathematics

Nyla

13 November, 20:45

You pay. 50 cent to draw a card from a deck. if you draw an ace you win ten dollars if you draw a face card (12 in a deck) you win a $1. what is your expected value

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Robert Melendez · Answer 1

The probability that a face card can be drawn from a standard deck of cards is 12/52 which can be simplified into 3/13.

The expected value is the product of the probability and the value.

Expected value = (3/13) ($1) = $0.23

The difference between the amount spent and the expected value is equal to $0.27.