Suppose that you and a friend are playing cards and you decide to make a friendly...

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Suppose that you and a friend are playing cards and you decide to make a friendly...

Suppose that you and a friend are playing cards and you decide to make a friendly wager. The bet is that you will draw two cards without replacement from a standard deck. If both cards are clubs, your friend will pay you $583$⁢583. Otherwise, you have to pay your friend $35$⁢35.

Step 1 of 2 :

What is the expected value of your bet? Round your answer to two decimal places. Losses must be expressed as negative values.

math Statistics-And-Probability

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Answer 1

Answer #1

P(Club) = 13/ 52

Since second card is selected without replacing first,

P(Second club) = 12/51

P(Both clubs) = 13/52 * 12/51

= 1/17

E(X) = 583 * 1/17 - 35 * ( 1 - 1/17)

= 1.35

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Answer 2

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