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Suppose you pay $1.00 to play the following game. A card is drawn from a standard deck. If it is an ace, you receive $5.00, if it is a king, queen, or jack, you receive $3.00. Otherwise, you receive no money. Find the expected value of your net winning. Use decimal notation for your answer.

Respuesta :

Answer:0.0769

Step-by-step explanation:

Given

Price for Playing card Game = $ 1

If a ace comes out you win $5

If it is king, queen, or jack then you receive =$ 3

Probability of getting a ace [tex]=\frac{4}{52}[/tex]

Probability of getting a king, queen or Jack[tex]=\frac{12}{52}[/tex]

Expected value of Win[tex]=5\times \frac{4}{52}+3\times \frac{12}{52}-1[/tex]

[tex]=\frac{56}{52}-1[/tex]

[tex]=\frac{4}{52}=0.0769[/tex]

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