SOLUTION: Two balls are selected (without replacement) from an urn containing 7 orange and 4 purple balls. Suppose that you win $3 for each orange ball selected and you lose $4 for each purp
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-> SOLUTION: Two balls are selected (without replacement) from an urn containing 7 orange and 4 purple balls. Suppose that you win $3 for each orange ball selected and you lose $4 for each purp
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Question 1131562: Two balls are selected (without replacement) from an urn containing 7 orange and 4 purple balls. Suppose that you win $3 for each orange ball selected and you lose $4 for each purple ball selected. Let X denote your winnings.
(a)What are the possible values of the random variable X
(b)What are the probabilities associated with each value?
(c)What is the expected value of X? Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! OO=7/11*6/10=42/110
OP/PO=7/11*4/10 or 4/11*7/10=56/110
PP=4/11*3/10=12/110
So 42/110*6=+252/110
and 28/110*3-28/110*4=-28/110
and 12/110*8=-96/110
E(X)+128/110 or +$1.16
