A card is drawn at random from a standard deck of playing cards (no jokers). If the card is a spade, the player wins $7; if it i

Question

2 years ago

6

s not a spade, the player loses $1.
What is the expected value of this game? $________________

1 answer:

Akimi4 [234] · Answer 1 · 2023-01-19T21:30:04+03:00

The expected value of the game is the mean value of the game

The expected value of the game is $1

<h3>How to determine the expected value?</h3>

There are 13 spades in a deck of card of 52

So, the probability of selecting a spade is:

P(Spade) = 13/52

Simplify

P(Spade) = 1/4

Winning = $7

The probability of not selecting a spade is:

P(Not spade) = 1 - 1/4

Simplify

P(Not spade) = 3/4

Lose = $1

The expected value of the game is:

$E(x) = \sum x * P(x)$

This gives

$E(x) = \frac 14 * 7 - 1 * \frac34$

Simplify

$E(x) = \frac 74 - \frac34$

Evaluate

$E(x) = 1$

Hence, the expected value of the game is $1