Question

A wallet contains 1 five-cent coin, 1 ten-cent coin, 2 twenty-cent coins, and 2 fifty-cent coins. What is the expected value if you randomly select 1

Probability and combinatorics
ANSWERED
asked 2021-06-17
A wallet contains 1 five-cent coin, 1 ten-cent coin, 2 twenty-cent coins, and 2 fifty-cent coins. What is the expected value if you randomly select 1 coin?

Expert Answers (1)

2021-06-18

The expected value can be calculated by multiplying the probability of each event times the value of that event.
2Five cent coin: \(\displaystyle\frac{{1}}{{6}}{x}{0.05}={0.00833333333}\)
Ten cent coin: \(\displaystyle\frac{{1}}{{6}}{x}{0.10}={0.016666666}\)
Twenty five cent coin: \(\displaystyle\frac{{1}}{{3}}{x}{0.25}={0.0833333333}\)
Fifty cent coin: \(\displaystyle\frac{{1}}{{3}}{x}{0.50}={0.166666667}\)
\(30.00833333333 + 0.0166666667 + 0.0833333333 + 0.166666667\)

49
 
Best answer

expert advice

Have a similar question?
We can deal with it in 3 hours
...