A bag contains 1 gold marbles, 10 silver marbles, and 28 black marbles. Someone offers to play this game: You randomly select one marble from the bag. If it is gold, you win $4. If it is silver, you win $3. If it is black, you lose $1. What is your expected value if you play this game?

A bag contains 1 gold marbles, 10 silver marbles, and 28 black marbles. Someone offers to play this game: You randomly select one marble from the bag. If it is gold, you win $4. If it is silver, you win $3. If it is black, you lose $1. What is your expected value if you play this game?

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Question

A bag contains 1 gold marbles, 10 silver marbles, and 28 black marbles. Someone offers to play this game: You randomly select one marble from the bag. If it is gold, you win $4. If it is silver, you win $3. If it is black, you lose $1.

What is your expected value if you play this game?

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Expert Solution

Step 1

It is given that

Gold marbles = 1

Silver marbles = 10

Black marbles = 28

Total marbles = 39

Step by step

Solved in 3 steps

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