1 $10 bill, 3 $20 bills, 5 $1 bills and 2 $5 bills are placed in a bag. If a bill is chosen at random, what is the expected value for the amount chosen?
1. 1 $10 bill, 3 $20 bills, 5 $1 bills and 2 $5 bills are placed in a bag. If a bill is chosen at random, what is the expected value for the amount chosen?
2. You get to roll a standard die one time. If you roll an odd number, you win $7. If you roll a 4, you win $4. If you roll any other number, you lose $10.
Find the expected value for this game.
3. A company believes it has a 41% chance of being successful on bidding a contract that yields a revenue of $34155. Assume it costs $11437 in consultant fees to prepare the bid.
What is the expected gain or loss for the company if it decides to bid on the contract?
4. On a clear day in Toledo, the AAA makes an average of 83 service calls for vehicle assistance. On a rainy day, it makes an average of 129 service calls. On a snowy day, it makes an average of 157 service calls.
If the weather in Toledo is clear 124 days of the year, rainy 80 days of the year, and snowy 161 days of the year, determine the expected number of service calls made by the AAA on a given day.
Round to the closest whole number.
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