Math Problem Statement
If you draw a card with a value of four or less from a standard deck of cards, I will pay you $134 . If not, you pay me $37 . (Aces are considered the highest card in the deck.)
Step 1 of 2 : Find the expected value of the proposition. Round your answer to two decimal places. Losses must be expressed as negative values.
Solution
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Math Problem Analysis
Mathematical Concepts
Probability
Expected Value
Formulas
Probability = Number of favorable outcomes / Total number of outcomes
Expected Value (EV) = (Probability of winning × Payoff from winning) + (Probability of losing × Payoff from losing)
Theorems
Law of Total Expectation
Suitable Grade Level
Grades 11-12