Question

A bag contains 3 gold marbles, 8 silver marbles, and 20 black marbles. Someone offers to...

A bag contains 3 gold marbles, 8 silver marbles, and 20 black marbles. Someone offers to play this game: You randomly select one marble from the bag. If it is gold, you win $4. If it is silver, you win $2. If it is black, you lose $1. What is your expected value if you play this game?

Math   Statistics-And-Probability   
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Answer #1

Total number of marbles =  3 gold +8 silver + 20 black =31 marbles.

Marble color gold silver black
Probability
Profit

Expected value =

  

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