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A bag contains 1 gold marbles, 7 silver marbles, and 24 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? $ =

User Yeonsu
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1 Answer

6 votes

Answer:

$4(1/32) + $2(7/32) - $1(24/32)

= -18.75¢ = -19¢

The expected value is a loss of 19 cents.

User GaryMBloom
by
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