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A bag contains 3 gold marbles, 10 silver marbles, and 21 black marbles. Someone offers to play this game: You randomly select o...Asked by Anonymous
A bag contains 1 gold marbles, 10 silver marbles, and 25 black marbles. Someone offers to play this game: You randomly select one 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?
What is your expected value if you play this game?
Answers
Answered by
oobleck
multiply each outcome by its probability, and add them up. That gives you
(1/36 * 3) + (10/36 * 2) + (25/36 * -1) = -1/18
As expected, the house has the edge.
(1/36 * 3) + (10/36 * 2) + (25/36 * -1) = -1/18
As expected, the house has the edge.
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