Question
You are interested in playing a card game. The rules of the game are such that you pick a card from a deck of
You are interested in playing a card game. The rules of the game are such that you pick a card from a deck of cards and if the card is a diamond, you win $40. The catch is, every time you want to pick a card you have to pay the dealer a fee of $10. A standard deck of cards consists of 52 cards, with 13 diamonds in the deck of cards. The probability of picking a diamond is A. 1/4; 3/4. B. 1/4; 4/1. C. 3/4; 4/3. D. 3/4; 1/4. and the probability of not picking a diamond is The expected value of this gamble is $ . (Round your response to two decimal places and include a minus sign if necessary.)
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