SOLUTION: 26 In an urn I have 20 marbles: 2 red, 3 yellow, 4 blue, 5 green, and 6 black marbles. The selection of one marble is random. The winning table is below. What is the expected valu

Algebra ->  Real-numbers -> SOLUTION: 26 In an urn I have 20 marbles: 2 red, 3 yellow, 4 blue, 5 green, and 6 black marbles. The selection of one marble is random. The winning table is below. What is the expected valu      Log On


   

Question 1120185: 26
In an urn I have 20 marbles: 2 red, 3 yellow, 4 blue, 5 green, and 6 black marbles. The selection of one marble is random. The winning table is below. What is the expected value of winnings?
Color Red Yellow Blue Green Black
Amount won $10 $5 $2 $1 $0

Answer by greenestamps(13200) About Me  (Show Source):
You can put this solution on YOUR website!


Expected value is the sum the products for each color of the probability of getting that color and the payout for that color.

(2/20)*$10 + (3/20)*$5 + (4/20)*$2 + (5/20)*$1 + (6/20)*$0 = (20+15+8+5+0)/20 = 48/20 = $2.40.