Elementary Stats

posted by .

A box contains two red balls, four green balls, and two white balls. You extract balls from the box with replacement 100 times. Eachh time you extract a red ball, you win $1; a green ball, you lose $0.50; a white ball, nothing happens.
-Make a box model of the net gain each time you play
-What is the expected value?
-By how much money will you be off the expected value?

I don't understand the box model part, but I drew a box with all the balls labeled with a color.
Then for expected value, I found the average: [$1(2)+$0.50(4)+$0(2)]/8 = 1/2. I know you plug it into the expected value equation but I'm notsure if the average is right.
I know to find how much money I will be off the expected value (aka find SD and SE).

I just need to know how to do the box model and if my average value is correct.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Math

    A bag contains 5 balls,8 white balls, 9 green balls,7 blue balls& 6 yellow balls.A ball is drawn at random .Find the probablity that the ball in neither green nor red ?
  2. statistics

    If a bag contains a set of 20 red balls, 10 green balls, and 15 black balls, then what is the possiblity of selecting (in this order) a red ball, a green ball, and a red ball. Without Replacement of the items selected. Can you explain …
  3. Math

    A box contains 20 red balls and 40 green balls . Four balls are randomly selected from the box without replacement. What is the probability of selecting a red ball followed by a green ball and then another red ball followed by a green …
  4. statistics

    A jar contains 7 red balls, 5 green balls, 4 blue balls, and 3 white balls. A sample of size 7 balls is selected at random without replacement . Find t the probability that sample contains two red balls, 2 green balls, 2 blue balls, …
  5. stats

    A box contains 10 red balls and 20 blue balls. Three balls are selected at random one after the other from the box, without replacement. If the first two balls selected are both blue, what is the probability that the third ball selected …
  6. Pre Algebra Probability

    Each of two urns contains green balls and red balls. urn 1 contains 10 green balls and 14 red balls. urn 2 contains 4 green balls and 11 red balls. if a ball is drawn from each urn what is p(red and red)?
  7. Math help?

    I am kind of stuck on this one Each of two urns contains green balls and red balls. Urn I contains 10 green balls and 8 red balls. Urn II contains 3 green balls and 10 red balls. If a ball is drawn from each urn, what is P(red and …
  8. Another math related question

    Two urns both contain green balls and red balls. Urn 1 contains 6 green balls and 4 red balls and urn 2 contains 8 green balls and 7 red balls. A ball is drawn from each urn.What is the probability that both balls are red
  9. JUST URNS - Pre-Algebra (Update; ignore last post)

    Each of two urns contains green balls and red balls. Urn 1 contains 8 green balls and 12 red balls. Urn 2 contains 5 green balls and 8 red balls. If a ball is drawn from each urn, what is P(red and red)?
  10. Math

    A box contains some red balls and some blue balls. There are four more blue balls than red balls. A ball is removed at random, replaced and a second ball randomly removed. The probability that the two balls are different colours is …

More Similar Questions