# Mike and Dave play the following game. Mike Pickls a card from a deck of cards. If he selects an ace, Dave gives him 5 dollars. If not, he gives Dave 2 dollars. Determine Mikes and Daves expectation

Anish

For Mike:

P(Winning \$5) = P(Ace) = 4/52 = 1/13

P(Loosing \$2) = 1 - 1/13 = 12/13

Hence,

Expected returns for Mike = \$5 (1/13) - \$2 (12/13) = - \$1.46

So,

Expected returns for Dave = + \$1.46

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