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5 February, 16:31

If a $2 bet is placed for a chance to win $500 for drawing a 10 of any suit from a standard deck of cards, what is the value of expectation?

A. $2

B. $250

C. $125

D. $500

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Answers (1)
  1. 5 February, 20:19
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    P (winning) = 4/52 = 1/13 P (losing) = 48/52 = 12/13 Expected value = 1/13 ($498) + 12/13 (-$2) = $498/13 - $24/13 = $474/13 = $36.46
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