3-12 ■ Expected Value of a Game Find the expected value (or expectation) of the games described.
The game consists of drawing a card from a deck. You win if you draw the ace of spades or lose if you draw any other card.
The expected value of the game.
The expected value is given as,
Here, is the amount of payout and is the probability of payout.
If you draw the ace of spades, you win or lose if you draw any other card.
Since the probability of the card to ace of spades is and the probability of the card to other than ace of spades is .
Calculate the expected value of the game
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