If you draw a card with a value of 3 or less from a standard

If you draw a card with a value of 3 or less from a standard deck of cards, I will pay you $43, If not you pay me $11 (Aces are considered the highest card in the deck.) Find the expected value of the proposition. Round your answer to two decimal places.Losses must be expressed as negative values.

Solution

Consider:

Thus,

E(x) = $1.46 [ANSWER]