Suppose that a player draws a card at random from a pack of cards, and wins $15 if an Ace, king, Queen, or Jack is obtained, and otherwise wins the face value of the card in dollars What is the expected amount won by the player Would you pay $9 to play this game ...

Suppose that a player draws a card at random from a pack of cards, and wins $15

Question:

Suppose that a player draws a card at random from a pack of cards, and wins $15 if an Ace, king, Queen, or Jack is obtained, and otherwise wins the of the card in dollars. What is the expected amount won by the player?
Would you pay $9 to play this game?
Face Value
Face value is a financial term used to describe the nominal or dollar value of a security, as stated by its issuer. For stocks, the face value is the original cost of the stock, as listed on the certificate. For bonds, it is the amount paid to the...