math
posted by Adie .
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!

math 
Reiny
Prob(heart) = 1/4
prob(not a heart) = 3/4
Mike's expectation:
he will receive $5 if he picks a heart
expectation = 5(1/4) = $1.25
Dave's expectation:
he will receive $2 if Mike does not pick heart
expectation = $2(3/4) = $1.50
The game is clearly in Dave's favour.
If you wanted to know what Dave should receive to make it a "fair" game, let the amount Dave should receive be $x
x(3/4) = 5(1/4)
x = $1.67
(how ever did you get $1.58 and $4.79 ???????)
Respond to this Question
Similar Questions

math
The unpaid balance of Dave's credit card is $295, and the finance charge is 4%; what is the new balance of the credit card including Dave's additional purchase of $75? 
math
You and a friend each have a standard and wellshuffled 52card deck of cards. You draw a card from your deck and your friend draws a card from her deck. Match the following results with their respective probabilities: Question 1 answers … 
math
In a game of blackjack, each player is dealt two cards from a standard 52card deck. If the first card is 10 of clubs, what is the probability that the second card is heart? 
Math
One card is selected from a deck of playing cards. Determine the probability of selecting: a card greater than 9 or a black card. hmmmmm....i don't play cards, i'm not even sure how many is in a deck...38? 
Stats
Directions: Suppose you have a standard deck 52 cards (4 suits: hearts, diamonds, clubs, and spades each suit has 13 cards (1/4 of the deck) and those 13 cards include one ace,and numbers 2 through 10 and 3 face cards: a jack a queen … 
Stats
Suppose you have a standard deck 52 cards (4 suits: hearts, diamonds, clubs, and spades each suit has 13 cards (1/4 of the deck) and those 13 cards include one ace,and numbers 2 through 10 and 3 face cards: a jack a queen and king) … 
Math
Mike and Dave play a game in which each independently throws a dart at a target. Mike hits the target with probability 0.6, while Dave hits the target with probability 0.3. Mike wins the game if he hits the target and Dave misses. … 
statistic research
ryan selects one card from a deck of 52 different card. the first card is not replaced before joe selects the second one. in how many different ways can they select the two card? 
Statistics
Select three different five card combinations or fivecard hands from your favorite card game that utilizes a standard 52card deck containing four suits (clubs, hearts, diamonds, and spades), with each suit containing 13 cards with … 
Statistics
Can someone please explain this to be, so that I can understand this problem?