SOLUTION: A bag contains 5 gold marbles, 8 silver marbles, and 26 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,

Algebra ->  Probability-and-statistics -> SOLUTION: A bag contains 5 gold marbles, 8 silver marbles, and 26 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,      Log On


   

Question 1149017: A bag contains 5 gold marbles, 8 silver marbles, and 26 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(13200) About Me  (Show Source):
You can put this solution on YOUR website!


P(gold) = 5/39
P(silver) = 8/39
P(black) = 26/39

Expected value:
%285%2F39%29%2A%28-1%2B5%29%2B%288%2F39%29%2A%28-1%2B3%29%2B%2826%2F39%29%2A%28-1%29 =
20%2F39%2B16%2F39-26%2F39 =
10%2F39

The game has an expected profit of +10/39 dollars per play.