elackboo O Save & End Certify Lesson: 7.5 Expected Value Question 5 of 14, Step

Question

elackboo O Save & End Certify Lesson: 7.5 Expected Value Question 5 of 14, Step 1 of Suppose that you and a friend are playing cards and decide to make a bet. If you draw three non-face cards, where a face card is a from a standard deck of 52 cards with replacement, you win $50. Otherwise, you pay your nearest cent, if necessary 4/14 Correct Jack, a Queen, or a King, in succession friend S50. What is the expected value of your bet? Round your answer to the How to enter your answer Keypad Expected value

Explanation / Answer

There are 3*4 = 12 face cards out of 52.

Probability that the first card is a face card = 12/52.

Probability that the second card is also a face card = 11/51.

Probability that the third card is also a face card = 10/50.

=> Probability that all three cards are face cards = 12/52 * 11/51 * 10/50

= 0.009955.

Expected value = 0.009955*$50 - 0.990045*$50 = -49.00$.

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