James estimated the total cost of groceries to be $50. The actual cost of the groceries is $65. What is the percent error? Round
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The expected value for each round, if there are two draws per round and the chips, are replaced after each draw is 0.4.
Given to us
Number of black chips = 2
Number of red chips = 3
Points are given for a black chip = +2
Points are given for a red chip = -1
<h3>What are the probabilities of the different cases?</h3>We know that for each round there will be 2 draws, therefore, there will be four cases,
Case1:
Probability, when both the chips drawn are black,
Case2:
Probability, when the first chip is black and the next chip is red,
Case 3:
Probability, when the first chip is red and the next chip is black,
Case 4,
Probability, when both the chips drawn are red,
The expected value of each round can be found,
E(x) = 0.4
Hence, the expected value for each round, if there are two draws per round and the chips, are replaced after each draw is 0.4.
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