Question

A $20 bill, two $10 bills, three $5 bills and four $1 bills are placed in...

A $20 bill, two $10 bills, three $5 bills and four $1 bills are placed in a bag. If a bill is chosen at random, what is the expected value of the amount chosen?

Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Consider the following probability distribution:

X P(X=x)
20 1/10
10 1/5
5 3/10
1 2/5

Therefore, the expected value of the amount chosen is calculated as follows:

Let me know in the comments if anything is not clear. I will reply ASAP! Please do upvote if satisfied!

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A bag contains six 1 dollar bills, three 5 dollar bills, and two 10 dollar bills....
A bag contains six 1 dollar bills, three 5 dollar bills, and two 10 dollar bills. An experiment consists of drawing three random bills from the bag simultaneously. Thus, the experiment has C(11,3)=165 equally likely outcomes in its sample space. What is the probability that at most one 5 dollar bill was drawn, given that no 10 dollar bills were drawn?
An urn contains nine $1 bills and one $20 bill. Let the random variable X be...
An urn contains nine $1 bills and one $20 bill. Let the random variable X be the total amount that results when two bills are drawn from the urn without replacement. (a) Describe the sample space S of the random experiment and specify the brobabilities of its elementary events. (b) Show the mapping from S to Sx, the range of X. (c) Find the prababilities for the various valuses of X. (d) What is the prabability that the amount is...
Suppose that there are 5 dollar bills in a box: three 1 dollar bills, one 5...
Suppose that there are 5 dollar bills in a box: three 1 dollar bills, one 5 dollar bill and one 10 dollar bill. You are allowed to pick up two bills at the same time from the box randomly. Let X denote the money you get from this game. (a) What’s the support and p.m.f. of X? (b) What’s the mean and variance of X?
The Slot machine takes $1 bills, $1 tokens, $2 bills, $2 tokens, $5 bills, $10 bills,...
The Slot machine takes $1 bills, $1 tokens, $2 bills, $2 tokens, $5 bills, $10 bills, $20 bills and $100 bills. Find a recurrence relation for the number of ways to insert $n in the slot machine where the order matters.
There is one 1$ bill and one 5$ bill in your left pocket and the same...
There is one 1$ bill and one 5$ bill in your left pocket and the same in your right pocket. You move one bill from the left pocket to the right pocket. After that you take the remaining bill from the left pocket and one of the bills at random from the right pocket. Let ? denote the amount of money that you take from the left pocket and ? denote the amount of money that you take from the...
A boy has his allowance determined every Sunday by drawing one paper bill from an urn...
A boy has his allowance determined every Sunday by drawing one paper bill from an urn containing 5 bills in total: three $1 bills, one $5 bill, and one $10 bill. $1 $1 $1 $5 $10. His parents refill the urn every week, so the content of the urn stays the same every week. (a) (4pts) Let A be the event that the student draws the ten-dollar bill this Sunday, and B be the event that the student draws the...
Bag 1 contains six red balls, seven blue balls, and three green balls. Bag 2 contains...
Bag 1 contains six red balls, seven blue balls, and three green balls. Bag 2 contains eight red balls, eight blue balls, and two green balls. Bag 3 contains two red balls, nine blue balls, and eight green balls. Bag 4 contains four red balls, seven blue balls, and no green balls. Bag 1 is chosen with a probability of 0.15, bag 2 with a probability of 0.20, bag 3 with a probability of 0.35, and bag 4 with a...
Consider your tastes for $5 bills and $10 bills. Suppose that all you care about is...
Consider your tastes for $5 bills and $10 bills. Suppose that all you care about is how much money you have, but you don't care whether a par- ticular amount comes in more or fewer bills (and suppose that you could have partial $10 and $5 bills). (a) With the number of $5 bills on the horizontal axis and the number of $10 bills on the vertical, illustrate 3 indierence curves from your indierence map. Write down a utility function...
1. An apartment building has 20 two-bedroom apartments and 8 three-bedroom apartments. If 4 apartments are...
1. An apartment building has 20 two-bedroom apartments and 8 three-bedroom apartments. If 4 apartments are chosen at random to be redecorated, what are the probabilities that a) All will be two-bedroom apartments ? (b) 2 will be two-bedroom apartments and 2 will be three-bedroom apartments ?
Professor Nash announces that he will auction off a $20 bill in a competition between two...
Professor Nash announces that he will auction off a $20 bill in a competition between two students, Jack and Jill at the beginning of their game theory lecture. Each student is to privately submit a bid on a piece of paper; whoever places the highest bid wins the $20 bill. In case of a tie, each student gets $10. Each student must pay whatever he or she bid, regardless of who wins the auction. Suppose that each student has only...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT