Question

You pick a card from a card deck of 52 cards. If you choose a diamond or a heart, you win $50. If you choose a club or a spade, you lose $60. Find the expected value of this game.

Answer 1

Prob(diamond or heart) = prob(club or spade) = 26/52 = 1/2
expected value = (1/2)$50 + (1/2)(-$60) = - $5.00

Weird ! , why would anybody play a game like that?

Answer 2

hahah thank you! good question because it sure wouldn't be me playing!