If you have a chance to win $500 for drawing a card of 10 of any suit from a standard deck of cards, what is the value of expect
ation?
A. $100.68 B. $50.52 C. $38.46 D. $24.80
1 answer:
The expected value is $38.46.
The probability of drawing a 10 from any suit is 4/52. Multiply this by the earnings, 500:
4/52(500) = 2000/52 = 38.46
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