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34kurt
3 years ago
7

If you draw a card with a value of three or less from a standard deck of cards, I will pay you $146. If not, you pay me $24. (Ac

es are considered the highest card in the deck.)Step 1 of 2 :Find the expected value of the proposition. Round your answer to two decimal places. Losses must be expressed as negative values.
Business
1 answer:
Rainbow [258]3 years ago
7 0

Answer: Expected value = $2.034

Explanation:

Total outcome = 52

Favorable Outcome = 8

Probability of drawing a card with a value of three or less = \frac{Favorable\ outcome}{Total\ outcome}

= \frac{8}{52}

=  \frac{2}{13}

Probability of drawing a card with a value of more than three = 1 -  \frac{2}{13}

=  \frac{11}{13}

Hence,

Expected value = 146 \times \frac{2}{13} + (-24) \times \frac{11}{13}

= 22.338 - 20.304

= $2.034

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