You are playing a card game using a full deck without jokers. If you select a face card (jack, queen, or king), you win $6; otherwise, you lose $3. What is the expected value for this game?
A)-$0.92
B)$0.92
C)-$3.69
D)$3.69

Question

Quizplus · Accepted Answer

The expected value is calculated by multiplying each outcome by its probability and summing these products. There are 12 face cards (4 of each: jack, queen, king) in a 52-card deck. The probability of drawing a face card is 12/52, and the probability of not drawing a face card is 40/52. The expected value is (12/52)*$6 + (40/52)*(-$3) = $0.923076923... which rounds to -$0.92, indicating a loss on average per game.

You Are Playing a Card Game Using a Full Deck