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A bag contains 1 gold marbles, 8 silver marbles, and 25 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?
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In all, there are 1 + 8 + 25 = 34 marbles in the bag.
The expected value of the game is
E = = = of a dollar.
In other words, playing many times, you statistically lose = 0.147 dollars per game, in average.
Solved, answered and explained.