Mark draws one card from a standard deck of 52 He receives

Mark draws one card from a standard deck of 52. He receives $ 0.30 for a club, $ 0.60 for a king and $ 0.85 for the king of clubs. How much should he pay for one draw? Answer:

Solution

There are 12 clubs that are not Kings. So, P(club) = 12/52.

There are 3 kings that are not clubs, so P(king) = 3/52.

There is 1 king of clubs, so P(K of clubs) = 1/52.

Consider:

E(x) = Expected value = Sum(xP(x))=    $ 0.120192308 [ANSWER]