A bag contains 4 gold marbles, 8 silver marbles, and 25 black marbles. Someone o

Question

A bag contains 4 gold marbles, 8 silver marbles, and 25 black marbles. Someone offers to play this game: you randomly select one marble from the bags 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? A bag contains 4 gold marbles, 8 silver marbles, and 25 black marbles. Someone offers to play this game: you randomly select one marble from the bags 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?

Explanation / Answer

Solution:-

Expected value of x:

E(x) =  3(4/37)+2(8/37)-1(25/37)

=  0.0811

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