Question

A jar is filled with 50 different colored marbles, 8 of which are red, 20 of which are blue, and 22 of which are green. a player is asked to draw a single marble from the jar and if they draw a red marble they will win $20, if they draw a blue marble they will lose $10, and if they draw a green marble they will lose $5. round your answer to the nearest cent.

Answer 1

The expected value of drawing a  marble from the jar is -$0.8.

Given that jar is filled with 50 coloured marbles out of which 8 are red , 20 are blue and 22 are green and we have to find the expected value that a player will get by drawing one marble from the jar if the prize of drawing red marble is $20 and loss of $10 if blue marble is drawn.

Probability that a red marble is drawn from jar=8/50

Probability that a blue marble is drawn from jar=20/50

Probability that a green marble is drawn from jar=22/50

Value that player can expect by drawing a red marble from jar=

=P(X=red)*20-P(X=blue)*10+P(X=green)*0

=8/50*20-20/50*10+0

=16/5-20/5

=-4/5

=-0.8

It is negative ,means that player will not get any money. In fact player will lose $0.8.

Hence the expected value that player can expect is -$0.8.

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Question is incomplete as it should include that calculate the expected value of drawing a marble.