1. Draw 2 chips one-by-one without replacement from an urn that contains 14 red and 36 black chips. a. On average, how many red chips are you expected to draw? b. Suppose you win $3 for each red chip drawn and you lose $2 for each black chip drawn. Find your expected gain or loss.

MATLAB: An Introduction with Applications
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1. Draw 2 chips one-by-one without replacement from an urn that contains 14 red and 36 black chips.
a. On average, how many red chips are you expected to draw?
b. Suppose you win $3 for each red chip drawn and you lose $2 for each black chip drawn. Find your
expected gain or loss.
Transcribed Image Text:1. Draw 2 chips one-by-one without replacement from an urn that contains 14 red and 36 black chips. a. On average, how many red chips are you expected to draw? b. Suppose you win $3 for each red chip drawn and you lose $2 for each black chip drawn. Find your expected gain or loss.
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