document.write( "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? \n" ); document.write( "
Algebra.Com's Answer #768562 by greenestamps(13208) You can put this solution on YOUR website! \n" ); document.write( "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. \n" ); document.write( "gold marble: probability 4/36; value (-1+5) = 4 \n" ); document.write( "silver marble: probability 9/36; value (-1+3) = 2 \n" ); document.write( "black marble: probability 21/36; value -1 \n" ); document.write( "expected value: \n" ); document.write( " |