Question:

There are 15 black balls, 14 red balls, and 11 white balls

Last updated: 7/28/2022

There are 15 black balls, 14 red balls, and 11 white balls

There are 15 black balls, 14 red balls, and 11 white balls in a jar, and you get to randomly pick one ball without looking. If you draw a black ball, you win $500. If you pick a red one, you lose $10. If you pick a white one, you lose $100. What is the expected value of picking a ball?