A bag contains 3 gold marbles, 6 silver marbles, and 28 black marbles. Someone o

Question

A bag contains 3 gold marbles, 6 silver marbles, and 28 black marbles. Someone offers to play this game: You randomly select on 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? A bag contains 3 gold marbles, 6 silver marbles, and 28 black marbles. Someone offers to play this game: You randomly select on 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? A bag contains 3 gold marbles, 6 silver marbles, and 28 black marbles. Someone offers to play this game: You randomly select on 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?

Explanation / Answer

Dear Student Thank you for using Chegg !! Given a bag of marbles n(gold) = 3 n (silver) = 6 n (black) = 28 Now one marble is selected from the bag Sample space = 3+6+28 = 37 Probability of gold marble = 3/37 = 0.081081 Probability of silver marble = 6/37 = 0.162162 Probability of black marble = 28/37 = 0.756757 Now as given in question if you win gold then get 3$ For Silver 2$ For Black -1$ Expected Value = P (gold) *3 + P(silver)*2 - P(Black)*1 = -0.18919 Solution

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