Expected value of winning amount


A jar haves balls of four different colors; red, blue, yellow and green. The total balls are divides as 40% red, 35% blue, 20% yellow, and 5% green. If you're to choose one ball at random. Determine the expected value of your winning amount if the payments are set to be $0, $5, $25, $70 for red, blue, yellow and green ball respectively.

Winning amount 0 5 25 70

Probability 40% 35% 20% 5%

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Basic Statistics: Expected value of winning amount
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