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If you draw a card with a value of five or less from a standard deck...

If you draw a card with a value of five or less from a standard deck of cards, I will pay you $20. If not, you pay me $5. (Aces 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.

math   Statistics-And-Probability   
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Answer #1

step 1: P( value of five or less ) =(16/52)

therefore expected value =expected gaon-expected loss

=(16/52)*20-(36/52)*5

=2.69

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