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Description: You draw and keep a single bill from a hat that contains a$1,$10,$20,and$50bill. What is the expected value of the game to you?

Math

Probability

You draw and keep a single bill from a hat that contains a $1, $10, $20, and $50 bill. What is the expected value of the game to you?

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Topic Video

Question

You draw and keep a single bill from a hat that contains a

$1,

$10,

$20,

and

$50

bill. What is the expected value of the game to you?

Video Video

Expert Solution

Step 1 Introduction

Let X be the random variable . Expected value of X is denoted as E(X) and It is defined as follows

E(X) = ${\sum x_{i} p_{i}}_{i = 1}^{n}$ ; where i =1,2,3 --- n x_iis the given observations and p_i is the probability of x_i

( or)

E(X) = x₁p₁ + x₂p₂ +x₃p₃+ ------+x_np_n

Here x_i is the given observations and p_i is the probability of x_i

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