The mean of the random variable w that represents the total amount won is; -$4.50
We are given quantity of chips inside the bag as;
Total number of chips = 20
Thus;
Amount won from the selection of Red Chip = 0.5 * $5 = $2.5
Amount won from the selection blue Chip = 0.2 * $10 = $2
Amount won from selection of yellow chip = 0.3 * $20 = $6
Thus;
x = $2.5 + $2 + $6
x = $10.5
We are told that total amount won is gotten from;
w = x − 15
Thus;
w = 10.5 - 15
w = -$4.50
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