Question

he manager where you work has made a contest to encourage you to learn more about a new company you are working with for business. Every time you get a correct answer to the manager's question, you get to draw a $1, $5, or $10 bill from a bag. There are 10 bills in the bag. 5 are $1 bills, 4 are $5 bills, and 1 is a $10 bill.

If you are the first to draw, what is your expected value in rewards?

Answer 1

\[\text{Expected value} = x_1*p(x_1 ) + x_2*p(x_2)+\dots\] where p(x) is the probability of that event.

Answer 2

and \[x_i = \text{value of the event}\] and to be formal the x_i's form a partition of the sample space.