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A hat contains 6 red balls, 4 yellow balls, and 2 green balls. If you draw a red ball, you lose $5. If you draw a yellow ball, you win $1. If you draw a green ball, you win $7. What is the expected profit of one draw? Round your answer to the nearest cent. Enter an expected loss as a negative number.

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Answer:

- $1 ( negative one dollar)

Explanation:

For each instance multiply the profit of drawing a particular color by probability.

Then add the vales to get expected amount on one draw.

Total balls= 12

For red ball if you draw, you will lose $5, so= -5*(6/12)= -5*(1/2)= -2.5

For yellow balls you gain $1, so = 1*(4/12)= 1*(1/3)= 0.333333

For green balls you gain $7, so= 7*(2/12)= 7*(1/6)= 1.166666

So amount on one draw= -2.5+0.3333333+1.1666666= -$1

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