Question

100 PNTS AND BRAINLIST FOR CORRECT ANWSER WITH A GOOD EXPLAINATION!!

You pay $10 to play the following game of chance. There is a bag containing 20 balls: five are red, five are green, and the rest are yellow. You are to draw one ball from the bag. You will win $18 if you draw a red ball, and you will win $10 if you draw a green ball. You win nothing for drawing a yellow ball. What is the expected value? Should you play?

Answer 1

Answer:

Expected value is -3

You should not play

Step-by-step explanation:

five are red, five are green, 10 yellow

P(red) = red/total = 5/20 = 1/4

P(green) = green/total = 5/20 = 1/4

P(yellow) = yellow/total =10/20 = 1/2

Expected value = 1/4(18) + 1/4(10) + 1/2(0) - 10 to play

                             =18/4 + 10/4 - 10

                            =28/4 -10

                             =7-10

                             = -3

You should not play