SOLUTION: A bag contains 1 gold marbles, 10 silver marbles, and 29 black marbles. Someone offers to play this game: You randomly select one marble from the bag. If it is gold, you win $3. If

Algebra ->  Probability-and-statistics -> SOLUTION: A bag contains 1 gold marbles, 10 silver marbles, and 29 black marbles. Someone offers to play this game: You randomly select one marble from the bag. If it is gold, you win $3. If      Log On


   

Question 1205001: A bag contains 1 gold marbles, 10 silver marbles, and 29 black marbles. Someone offers to play this game: You randomly select one marble from the bag. If it is gold, you win $3. If it is silver, you win $2. If it is black, you lose $1.
What is your expected value if you play this game?
$
Answer by ikleyn(52908) About Me  (Show Source):
You can put this solution on YOUR website!
.
A bag contains 1 gold marbles, 10 silver marbles, and 29 black marbles. Someone offers
to play this game: You randomly select one marble from the bag.
If it is gold, you win $3. If it is silver, you win $2. If it is black, you lose $1.
What is your expected value if you play this game?
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In total, there are 1 + 10 + 29 = 40 marbles.


mathematical expectation = 3%2A%281%2F40%29+%2B+2%2A%2810%2F40%29+-+1%2A%2829%2F40%29 = %283+%2B+20+-+29%29%2F40 = -6%2F40 = -3%2F20 = -0.15 of a dollar, or -15 cents.


If you play this game many times, you will lose about 15 cents per game, in average.

Solved.