Find the Expected Value

question 7

Multiple Choice

Find the expected value.
-You are given 12 to 1 odds against drawing two hearts when two cards are selected at random from a standard deck of 52 cards (with replacement of the first card before the second card is drawn) .
This means that you win $12 if you succeed and you lose $1 if you fail. Find the expected value (to
You) of the game. Round to the nearest cent.

• A)-$0.19
• B)$0.19
• C)-$0.92
• D)$2.25

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Definitions:

Problem Space

Problem space refers to the concept in cognitive science and problem-solving research that represents all possible states and actions that could be taken to solve a problem, from the initial state to the goal state.

Algorithms

A set of rules or procedures to be followed in calculations or problem-solving operations, especially by a computer.

Solution Networks

Strategies and systems put in place to solve complex problems or address challenges.

Framing

In psychology, the process of presenting or structuring information in a way that influences perception and decisions.