A game consists of drawing a marble from a bag containing 2 green, 3 yellow, and 5 red marbles. Players win the following amounts based on the color of marble. green: $10 yellow: $5 red: $1 If it costs $5 to play the game, find the expected value of  playing the game repeatedly.  What should be charged to play the game in order for it to fair?

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter9: Counting And Probability
Section: Chapter Questions
Problem 9CC
icon
Related questions
Question

A game consists of drawing a marble from a bag containing 2 green, 3 yellow, and 5 red marbles. Players win the following amounts based on the color of marble.

green: $10

yellow: $5

red: $1

If it costs $5 to play the game, find the expected value of  playing the game repeatedly. 

What should be charged to play the game in order for it to fair?

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

Blurred answer
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Algebra and Trigonometry (MindTap Course List)
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:
9781305071742
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning