Consider the following game. There is a bottle with 20 colored chips inside. There are 2 blue chips, 4 purple chips, 7 green chips, and 7 red chips. You pay $2 and pick one out at random. If you pick a blue chip, you get a prize of $10. If you pick a purple chip, you get a prize of $5. You get nothing for red or green chips. What is the expected value of playing the game?

Question

Mathematics

Adrienne Holland

23 May, 05:03

Consider the following game. There is a bottle with 20 colored chips inside. There are 2 blue chips, 4 purple chips, 7 green chips, and 7 red chips. You pay $2 and pick one out at random. If you pick a blue chip, you get a prize of $10. If you pick a purple chip, you get a prize of $5. You get nothing for red or green chips. What is the expected value of playing the game?

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Answers (1)

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Georgia Harmon · Answer 1

The expected value is 0 dollars for green and red chips. 10 dollars if you pick blue chips and 5 dollars for purple chips. What was so hard about that?