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If you have a chance to win $500 for drawing a card of 10 of any suit from a standard deck of cards, what is the value of expectation?

A. $100.68 B. $50.52 C. $38.46 D. $24.80

Respuesta :

The expected value is $38.46.

The probability of drawing a 10 from any suit is 4/52.  Multiply this by the earnings, 500:

4/52(500) = 2000/52 = 38.46

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