SOLUTION: Expected Value A bag contains 2 gold marbles, 7 silver marbles, and 23 black marbles. Someone offers to play this game: You randomly select one marble from the bag. If it is gol

Question 1051635: Expected Value
A bag contains 2 gold marbles, 7 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 $4. If it is silver, you win $2. If it is black, you lose $1.
What is your expected value if you play this game?

Answer by jorel555(1290) (Show Source): You can put this solution on YOUR website!
Since there are 32 total marbles in the bag, you have:
4(2/32)+2(7/32)-1(23/32)=expected value
.25+.4375-.71875=-$.03125, or an expected loss of about 3 cents. ☺☺☺☺
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