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A bag contains 2 gold marbles, 9 silver marbles, and 21 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?  Round your result to the nearest cent.

A bag contains 2 gold marbles, 9 silver marbles, and 21 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?  Round your result to the nearest cent.

Calculus For The Life Sciences
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter12: Probability
Section12.CR: Chapter 12 Review
Problem 105CR
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A bag contains 2 gold marbles, 9 silver marbles, and 21 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?  Round your result to the nearest cent.

A bag contains 2 gold marbles, 9 silver marbles, and 21 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? Round your result to the nearest cent. SA Hint: it helps to set up a probability distribution table: Pick Gold Outcomes Probability Payoff Pick Silver Pick Black
Transcribed Image Text:A bag contains 2 gold marbles, 9 silver marbles, and 21 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? Round your result to the nearest cent. SA Hint: it helps to set up a probability distribution table: Pick Gold Outcomes Probability Payoff Pick Silver Pick Black
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