Question

If you draw a card with a value of 4 or less from a standard deck of cards, I will pay you $5. If not, you pay me $5. Aces are considered highest card in the deck. Enter the expected value of the proposition.

Answer 1

(probability of win)(amount won) - (probability of loss)(amount lost)

So what are the probabilities? E.g., what's the probability of drawing a 4 or less (2, 3, or 4), and what's the probability of drawing a 5 or greater?