Question 931189: This is a question from my Finite Math 154 class on probability that I was having trouble with, wondering if you could help.
An urn contains two red, three white and five blue balls. A player draws one ball from the urn. If the ball is red the player receives $5. If the ball is white, the player pays $8. If the ball is blue, the player receives $2. Find the expected value of a draw.
Nacho2099@yahoo.com
Found 2 solutions by ewatrrr, rothauserc:
Answer by ewatrrr(24785)   (Show Source):
You can put this solution on YOUR website! 10balls: 2R,3W,5B
........
Exp = $5(.2) + $8(.3) + $2(.5) = $4.4
Re TY
The plus side of statistical problems is that generally any
computation that needs to be done is simple.
......
This problem is simply the sum of:
(potential money earned)•(the probability of that particular event)
Answer by rothauserc(4718)  (Show Source):
You can put this solution on YOUR website! Let X be the random variable that takes on the values 5, 8, 2. Then,
P(X=5) = 2/10 = 1/5, P(X=8) = 3/10, P(X=2) = 5/10 = 1/2
E(X) = 2*1/5 + 3*3/10 + 5*1/2 = 4/10 + 3/10 + 25/10 = 32/10 = $3.20
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