Statistics probability help

Question

I am trying to understand a probability question that I am most likely making harder than it is. Help! I want to see how to solve...my original solution was wrong so I just want to see how to solve for review purposes. Thank you!

A bag contains four different colored balls. There are four blue calls, three red balls, two green calls and one orange ball. You pay $5 to reach in and pick one colored call from the bag. If you pick the blue ball you will $5, if you pick the red ball you win $10, if you pick the green ball you win $20 and if you pick the orange ball you win $100. What is the expected value for this game?

Answer 1

Total balls in the bag= 4 Blue + 3 Red+ 2 Green+1 Orange =10

B R G O

Probability Prize NET Profit (Prize - cost)

P(B)= 4/10 =0.4 5 0

P(R)= 3/10=0.3 10 5

P(G)= 2/10=0.2 20 15

P(O)= 1/10=0.1 100 95

STEPS TO FIND EXPECTED VALUE

1) Multiply each net profit by its own probability

BLUE 0.4x$0= $ 0

RED 0.3x$5= $ 1.50

GREEN 0.2x$15= $ 3.00

ORANGE 0.1x$95= $ 9.50

2) ADD ALL VALUES TOGETHER TO FIND THE EXPECTED value

0+1.50+3.00+9.50= $ 14.00