Answer:
[tex]E.G=\$2[/tex]
Step-by-step explanation:
Sample size 52 card
Pay for J or Q [tex]=\$17[/tex]
Pay for King or Ace [tex]=\$5[/tex]
Pay for others [tex]=-\$2[/tex]
Therefore
Probability of drawing J or Q
[tex]P(J&Q)=\frac{8}{52}[/tex]
Probability or drawing King or Ace
[tex]P(K or A)=\frac{8}{52}[/tex]
Probability or drawing Other cards
[tex]P(O)=\frac{36}{52}[/tex]
Therefore
Expected Gain is mathematically given as
[tex]E.G=\sum_xP(x)[/tex]
[tex]E.G=17*\frac{8}{52}+5*\frac{8}{52}+(-2)*\frac{36}{52}[/tex]
[tex]E.G=\$2[/tex]
