Question

You are considering playing a new carnival game. In this game you draw a single card...

You are considering playing a new carnival game. In this game you draw a single card at random from a standard 52-card deck. If you draw a King or Queen you win $6. If you draw a Jack, you win $4. If you draw the Ace of Spades you win $25. It cost $2 to play the game one time. What is the expected payoff from playing this game? Give your answer rounded to the nearest cent.

Math   Statistics-And-Probability   
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Answer #1

We need to use the definition of expected value and its property.

The expected payoff is, - 0.2885

This means, it is expected that the player will loose 0.2885

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