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What is the expected value of bet

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Suppose that you and a friend are playing cards and decide to make a bet. If you draw three non-face cards, where a face card is a Jack, a Queen, or a King, in succession from a standard deck of 52 cards with replacement, you win $?50. Otherwise, you pay your friend $?50. What is the expected value of your bet? Round your answer to the nearest cent, if necessary.

Reference no: EM132856978

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