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

BenoguigoliB

BenoguigoliB

Answered question

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?

Answer & Explanation

un4t5o4v

un4t5o4v

Skilled2021-06-18Added 105 answers

The expected value can be calculated by multiplying the probability of each event times the value of that event.
2Five cent coin: 16x0.05=0.00833333333
Ten cent coin: 16x0.10=0.016666666
Twenty five cent coin: 13x0.25=0.0833333333
Fifty cent coin: 13x0.50=0.166666667
30.00833333333+0.0166666667+0.0833333333+0.166666667

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