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April 19, 2014

Homework Help: Math - Expected Value

Posted by PK on Monday, January 9, 2012 at 9:19pm.

If you select a chip at random from a jar with 7 red, 2 green and 1 blue chip. If the chip you pick is red, you win $10,000, if it is green, you wil $20,000 and if it is blue, you lost $100,000. What is your expected value of this game?

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