I have some of the answers I am stuck on the rest of the question, Please double
Question:
I have some of the answers I am stuck on the rest of the question, Please double check my answers. There are 10 chips in a bag. There are 3 blue chip(s), 3 red chip(s), and 4 white chip(s). A player gets to draw one chip from the bag. If a blue chip is drawn, the player wins $10. If a red chip is drawn, the player wins $5. If a white chip is drawn, the player wins $1. Someone decides to play the game, hoping to win some money. It costs $6 to play the game. a) What is the net profit and probability of drawing a blue chip? Net Profit: 5 Probability: .3 b) What is the net profit and probability of drawing a red chip? Net Profit: 0 Probability: .6 c) What is the net profit and probability of drawing a white chip? Net Profit: Probability: d) What is the expected value (expected profit) from playing the game?