Can I get some help please.Thank you. A bag contains 2 gold marbles, 6 silver marbles, and 23 black marbles. Someone offers to play this game: You randomly select one marble from the bag. If it is gold, you win $3. If it is silver, you win $2. If it is black, you lose $1.What is your expected value if you play this game?$\_\_\_\_[Submit Question] **Question 12**A bag contains 2 gold marbles, 6 silver marbles, and 23 black marbles. Someone offers to play this game: You randomly select one marble from the bag. If it is gold, you win $3. If it is silver, you win $2. If it is black, you lose $1.What is your expected value if you play this game?\[ \text{\$} \_\_ \][Submit Question Button]---**Explanation for Educational Purposes:**To calculate the expected value of this game, follow these steps:1. **Determine the Total Number of Marbles:** \[ 2 \text{ (gold)} + 6 \text{ (silver)} + 23 \text{ (black)} = 31 \text{ marbles in total} \]2. **Calculate the Probability of Each Marble:** - Probability of drawing a gold marble: $ \frac{2}{31} $ - Probability of drawing a silver marble: $ \frac{6}{31} $ - Probability of drawing a black marble: $ \frac{23}{31} $3. **Determine the Expected Value:** Use the formula for expected value: \[ EV = (\text{Probability of Gold} \times \text{Value of Gold}) + (\text{Probability of Silver} \times \text{Value of Silver}) + (\text{Probability of Black} \times \text{Value of Black}) \] \[ EV = \left(\frac{2}{31} \times 3\right) + \left(\frac{6}{31} \times 2\right) + \left(\frac{23}{31} \times -1\right) \]4. **Calculate the Expected Value:** - Contribution from gold marbles: $\frac{2}{31} \times 3 = \frac{6}{31}$ - Contribution from silver marbles: $\frac{6}{31} \times 2 = \frac{12}{31}$ - Contribution from black marbles: $\frac{23}{31} \times -1 = -\frac{23}{31}$ \[ EV = \frac{6}{31} + \frac{12}{31} -

Name: Can I get some help please.Thank you. A bag contains 2 gold marbles, 6
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Description: Can I get some help please.Thank you. A bag contains 2 gold marbles, 6 silver marbles, and 23 black marbles. Someone offers to play this game: You randomly select one marble from the bag. If it is gold, you win $3. If it is silver, you win $2. If it

Given Information: Gold marbles = 2 Silver marbles = 6 Black marbles = 23 Total marbles = 2 + 6 + 23 = 31. You randomly select 1 marble from the bag, if it is gold you win $3, if it is silver you win $2. If it is black you lose $1. Expected value is the average gain or loss of an event if the procedure is repeated many times. Expected value is obtained using the formula: EX=∑iXi.PXi Here, X takes values: 3, 2, -1(loss) Probability of an event is given by the formula: PE=Favorable outcomesTotal possible outcomes Expected value is calculated as follows: EX=∑iXi.PXi=3231+2631+-12331=631+1231-2331=-531=-0.1612903226=-0.1613

Math

Statistics

A bag contains 2 gold marbles, 6 silver marbles, and 23 black marbles. Someone offers to play this game: You randomly select one marble from the bag. If it is gold, you win $3. If it is silver, you win S2. If it is black, you lose $1. What is your expected value if you play this game?

A bag contains 2 gold marbles, 6 silver marbles, and 23 black marbles. Someone offers to play this game: You randomly select one marble from the bag. If it is gold, you win $3. If it is silver, you win S2. If it is black, you lose $1. What is your expected value if you play this game?

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Can I get some help please. Thank you.

A bag contains 2 gold marbles, 6 silver marbles, and 23 black marbles. Someone offers to play this game: You randomly select one marble from the bag. If it is gold, you win $3. If it is silver, you win $2. If it is black, you lose $1.

What is your expected value if you play this game?

$\_\_\_\_

[Submit Question]

**Question 12**

A bag contains 2 gold marbles, 6 silver marbles, and 23 black marbles. Someone offers to play this game: You randomly select one marble from the bag. If it is gold, you win $3. If it is silver, you win $2. If it is black, you lose $1.

What is your expected value if you play this game?

\[ \text{\$} \_\_ \]

[Submit Question Button]

---

**Explanation for Educational Purposes:**

To calculate the expected value of this game, follow these steps:

1. **Determine the Total Number of Marbles:**
\[
2 \text{ (gold)} + 6 \text{ (silver)} + 23 \text{ (black)} = 31 \text{ marbles in total}
\]

2. **Calculate the Probability of Each Marble:**
- Probability of drawing a gold marble: $ \frac{2}{31} $
- Probability of drawing a silver marble: $ \frac{6}{31} $
- Probability of drawing a black marble: $ \frac{23}{31} $

3. **Determine the Expected Value:**
Use the formula for expected value:
\[
EV = (\text{Probability of Gold} \times \text{Value of Gold}) + (\text{Probability of Silver} \times \text{Value of Silver}) + (\text{Probability of Black} \times \text{Value of Black})
\]
\[
EV = \left(\frac{2}{31} \times 3\right) + \left(\frac{6}{31} \times 2\right) + \left(\frac{23}{31} \times -1\right)
\]

4. **Calculate the Expected Value:**
- Contribution from gold marbles: $\frac{2}{31} \times 3 = \frac{6}{31}$
- Contribution from silver marbles: $\frac{6}{31} \times 2 = \frac{12}{31}$
- Contribution from black marbles: $\frac{23}{31} \times -1 = -\frac{23}{31}$

\[
EV = \frac{6}{31} + \frac{12}{31} -

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