PROPOSITION DESPERATE DRAW If you draw a card with a value

PROPOSITION - DESPERATE DRAW If you draw a card with a value of 3 or less from a standard deck of cards. I will pay you $249. If not, you pay me $42. (Aces are considered the highest card in the deck.) EXPECTED VALUE Enter the expected value of the proposition. Round your answer to two decimal places. Answer: $ (Losses must be entered as negative.)

Solution

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if you draw a card with a value of 4 or less from a standard deck of cards, I will pay you 165$ if not your pay me $45. (Aces are considered the highest card in the deck.)

enter the expected value of the proposition. Round your answer to two decimals

Answer

Assume 2, 3 and 4
There are 12 such cards.
Random Number values.....+165......-45
Probabilities are .............12/52 and 40/52

E(x) = [12*165 - 40*45]/52 = 64/52 = $3.46

You can expect to win $3.46 each time you play the game