Math Problem Statement
Suppose that you and a friend are playing cards and decide to make a bet. If your friend draws three hearts in succession from a standard deck of 5252 cards without replacement, you give him $40$40. Otherwise, he pays you $10$10. What is the expected value of your bet? Round your answer to the nearest cent, if necessary. just the answer
Solution
Ask a new question for Free
By Image
Drop file here or Click Here to upload
Math Problem Analysis
Mathematical Concepts
Probability
Expected Value
Combinatorics
Formulas
P(A) = number of favorable outcomes / total outcomes
Expected Value = (probability of win * amount won) + (probability of loss * amount lost)
Theorems
Law of Total Expectation
Suitable Grade Level
Grades 9-12
Related Recommendation
Expected Number of Adjacent Heart Pairs in a Circular Deck of Cards
Expected Value of a Card Bet with Three Fives in a Row
Expected Value and Fair Price Calculation in Card Game with Hearts
Expected Value of Card Game Bet: Drawing Two Diamonds
Calculating Expected Value: Card Drawing Probability with Payoffs