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?

$0

Step-by-step explanation:

Given : Total colored chips  in the bottle= 20

No. of blue chips = 2

Probability of getting blue chip=

Prize for blue chip = $10

No. of purple chips = 4

Probability of getting purple chip=

Prize for purple chips = $5

No. of green chips = 7

No.of red chips = 7

Probability of getting green chip or red chip=

Price for green or red chip = 0

Amount you paid to play the game = $2

Then , the expected value of playing the game will be :-

Hence, the expected value of playing the game = $0

1. minimum

2. 6400

3. eight

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