# SOLUTION: A jar contains balls of four different colors; red, blue, yellow and green. The total balls are divides as 40% red, 30% blue, 20% yellow, and 10% green. If you are to select one ba

Algebra ->  Algebra  -> Probability-and-statistics -> SOLUTION: A jar contains balls of four different colors; red, blue, yellow and green. The total balls are divides as 40% red, 30% blue, 20% yellow, and 10% green. If you are to select one ba      Log On

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 Click here to see ALL problems on Probability-and-statistics Question 516916: A jar contains balls of four different colors; red, blue, yellow and green. The total balls are divides as 40% red, 30% blue, 20% yellow, and 10% green. If you are to select one ball at random. Find the expected value of your winning amount if the payments are set to be \$5, \$10, \$20, \$50 for red, blue, yellow and green ball respectively. Answer by stanbon(57377)   (Show Source): You can put this solution on YOUR website!A jar contains balls of four different colors; red, blue, yellow and green. The total balls are divides as 40% red, 30% blue, 20% yellow, and 10% green. If you are to select one ball at random. Find the expected value of your winning amount if the payments are set to be \$5, \$10, \$20, \$50 for red, blue, yellow and green ball respectively. --------------------- E(x) = 0.40*5 + 0.30*10 + 0.20*20 + 0.10*50 ---- = 2 + 3 + 4 + 5 --- = \$14.00 ============= Cheers, Stan H. =============