(Answered) Expected value of the amount

Statistics

Problem: A friend invites you to play a game of chance that costs you $1 every time to play. You get to pick one card. You win if you pick the ace of spades. Otherwise, you lose. The amount that you win will be $54. Provide your rationale and any supporting data.

Required:

Question 1: What is the expected value of the amount you will win from each turn?

Question 2: Would it be a good idea to play this game only one time?

Question 3: Would it be a good idea to play 1,000 times?

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