A bag contains 3 red marbles, 9 white marbles, and 15 blue marbles. You randomly select one marble from the bag. If it is red, you win $4. If it is white, you win $2. If it is blue, you lose $1. What is your expected value when playing this game? Round your answer to the nearest cent. %24

A bag contains 3 red marbles, 9 white marbles, and 15 blue marbles. You randomly select one marble from the bag. If it is red, you win $4. If it is white, you win $2. If it is blue, you lose $1. What is your expected value when playing this game? Round your answer to the nearest cent. %24

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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Question

A bag contains 3 red marbles, 9 white marbles, and 15 blue marbles.
You randomly select one marble from the bag.
If it is red, you win $4. If it is white, you win $2. If it is blue, you lose $1.
What is your expected value when playing this game?
Round your answer to the nearest cent.

Expert Solution

Step 1

Ans#- Given, A bag contain 3 red marbles, 9 white marbles, and 15 blue marbles.

Total = 3 +9 + 15 = 27 marbles

You randomly select one marble from the bag.

If it is red, you win $4. If it is white, you win $2. If it is blue, you loss $1.

Find the expected value

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