A convenience store has made up 20 grab bag gifts and is offering them for $2.00 a bag. Ten bags contain merchandise worth $1.00. Six bags contain mer- chandise worth $2.00, and four bags contain merchan- dise worth $3.00. Suppose you purchase one bag. What is your expected gain or loss?

College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.7: Probability
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A convenience store has made up 20 grab bag gifts and is offering them for $2.00 a bag. Ten bags contain merchandise worth $1.00. Six bags contain mer- chandise worth $2.00, and four bags contain merchan- dise worth $3.00. Suppose you purchase one bag. What is your expected gain or loss?

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