You have a deck of cards. You pull one card. If it is a heart, you...
You have a deck of cards. You pull one card. If it is a heart, you win $5. If it is a black card, you lose $15. If it is the ace of diamonds, you win $50. Otherwise, you win $1. What is the expected value for this game? Should you play this game?
Homework Answers
P(Heart) = 13/52 = 1/4
P(Black card) = 26/52 = 1/2
P(Ace of diamonds) = 1/52
P(Anthing ese) = 1 - (1/4 + 1/2 + 1/52) = 3/13
Hence,
Expected value
= $5 * (1/4) - $15 * (1/2) + $50 * (1/52) + $1 * (3/13)
= $ -5.06
You should not play this game because expected value is negative.
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