How do I find the expected value for this game?
Hi, I'm having a bit of trouble trying to figure out the expected value for this game, so if you could help that would be really great and helpful. thanks so much
A game involves selecting a card from a regular 52-card deck and tossing a coin. The coin is a fair coin and is equally likely to land on heads or tails.
- If the card is a face card, and the coin lands on Heads, you win $4
- If the card is a face card and the coin lands on Tails, you win $1
- If the card isn't a face card, you lose $1, no matter what the coin shows
I need help finding the expected value for this game (expected net gain or loss). I also have to round the answer to two decimal places.