SOLUTION: A bag contains 3 gold marbles, 10 silver marbles, and 29 black marbles. The rules of the game are as follows: You randomly select one marble from the bag. If it is gold, you win $6

Algebra ->  Probability-and-statistics -> SOLUTION: A bag contains 3 gold marbles, 10 silver marbles, and 29 black marbles. The rules of the game are as follows: You randomly select one marble from the bag. If it is gold, you win $6      Log On


   

Question 1156437: A bag contains 3 gold marbles, 10 silver marbles, and 29 black marbles. The rules of the game are as follows: You randomly select one marble from the bag. If it is gold, you win $6, if it is silver, you win $2. If it costs $1 to play, what is your expected profit or loss if you play this game?
Answer by ikleyn(52914) About Me  (Show Source):
You can put this solution on YOUR website!
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The total number of marbles is  3+10+29 = 42.


The expected value of the game is


    expected value = 6%2A%283%2F42%29 + 2%2A%2810%2F42%29 - 1 = 18%2F42 + 20%2F42 - 1 = 38%2F42 - 1 = %2838-42%29%2F42 = -4%2F42 = -1%2F13  dollars.


ANSWER.  Expected loss  of the gamer is  1%2F13  dollars.

         It means that if the gamer plays this game many times, he or she will lose  1%2F13  of the dollars in average per game.

Solved.