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April 20, 2014

Homework Help: math

Posted by Adie on Friday, July 13, 2012 at 5:31pm.

Pick a Card.
Mike and dave play the following card game. Mike picks a card from the deck
If he selects a heart Dave gives him $5, if not, he gives Dave $2.

Determine Mikes's expectation.

Determine Daves' expectation

Can you help me with this? i have tried to do it and i came up with (Mike's = -$1.58 and dave's = - $4.79) but I don't think the game is "fair" so I don't think the expected value is 0. I am really confused!

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