A convenience store has made up 20 grab bag gifts and is offering them for $3 a bag. 9 bags contain merchandise worth 50 cents. Eights bags contain merchandise $2.25, and three bags contain merchandise worth $5. Suppose you purchase one bag, what is your expected gain or loss?

Expected loss = $-1.13

Step-by-step explanation:

9 bags contain merchandise worth $0.50

8 bags contain merchandise worth $2.25

3 bags contain merchandise worth $5

Total bags are 20

$0.50*(9/20) + $2.25*(8/20) + $5*(3/20)

$0.225 + $0.9 + $0.75

$1.87

The cost of bag is $3

The expected value is

E = $1.87 - $3

E = $-1.13 (this is a loss)

So you are most likely to lose $1.13 if you purchase 1 bag at the convenience store.

answer; manager working long hours; plz check i believe this is correct good luck;