SOLUTION: A bag contains 4 gold marbles, 9 silver marbles, and 23 black marbles. The rules of the game are as follows: You randomly select one marble from the bag. If it is gold, you win $5,
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Question 1147245: A bag contains 4 gold marbles, 9 silver marbles, and 23 black marbles. The rules of the game are as follows: You randomly select one marble from the bag. If it is gold, you win $5, if it is silver, you win $3. If it costs $1 to play, what is your expected profit or loss if you play this game?
Answer by greenestamps(13208) (Show Source): You can put this solution on YOUR website!
Expected value: Find the probability of getting each color marble; multiply each probability by the value of that marble (winnings, minus the $1 cost of playing); and add those products.
gold marble: probability 4/36; value (-1+5) = 4
silver marble: probability 9/36; value (-1+3) = 2
black marble: probability 21/36; value -1
expected value:
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