I'm studying for an EOCT and there is a question on the study guide this one has me stumped. I "get" how to figure general probability questions, but I can't wrap my head around this one due to the number of variables. If you could provide the formula you use and any explanation you are willing to share I would be so, so appreciative.
IN a game a player draws and replaces a card form a deck 2 times. The possible outcomes and payouts are shown. If Jim plays the game 50 times what is his expected value for all the games combined?
Red, Red $12
Black, Black -$5
Red, Black $0
Black, Red $5