Question

A bag contains 5 one-dollar tokens, 4 two-dollar tokens, 7 five-dollar tokens, and 6 ten-dollar tokens. Determine the expected value of a token, rounded to the nearest dollar.

Question 5 options:

1


2


5


10

Answer 1

@Mertsj
@jim_thompson5910

Answer 2

Expected value = Sum(probability*value)

Expected value = (5/22)*1 + (4/22)*2 + (7/22)*5 + (6/22)*10

Expected value = 5/22 + 8/22 + 35/22 + 60/22

Expected value = 108/22

Expected value = 54/11

Expected value = 4.909

Expected value = 5

So the expected value is roughly $5

Answer 3

Thank you! :)

Answer 4

you're welcome