Question

A game consists of a player drawing a single card from a standard deck. If the card is a spade, the player wins $5; if the card is a club the player wins $2; and if the card is red the player wins $4
a what is the expected value for someone who plays this game?
b. what does this expected value mean?
c. If someone played this game 100 times, how much money should she or he expect to win or lose?

Answer 1

To find the expected value of something, you multiply the something by
the probability it will happen and then add up all the possible somethings....

Answer 2

in this one how do I do that?

Answer 3

Start by figuring out the probabilities. What are the odds of getting a spade? a club? a red card?

Answer 4

I don't know

Answer 5

Are you familiar with playing cards?

Answer 6

yes I am

Answer 7

OK, so if there are fout "suits" of cards, spades(black),clubs(black), hearts(red) and diamonds(red), and you randomly grab one out of the deck, what are the chances you'll get a club?

Answer 8

hmm 13 chances

Answer 9

out of how many cards in total?

Answer 10

52 cards in a deck

Answer 11

So 13/52=1/4. Now whats the probability of getting a red card?

Answer 12

How man red cards in the deck?

Answer 13

no clue 13

Answer 14

How many hearts are there?