Answer:
$5.18
Step-by-step explanation:
To find the expected value, we multiply each probability by its value and add them together.
There were 2 students who spent $10; this makes the probability 2/50 and its value is $10. This gives us 2/50(10) = 20/50.
There was 1 student who spent $8; this makes the probability 1/50 and its value is $8. This gives us 1/50(8) = 8/50.
There were 12 students who spent $6; this makes the probability 12/50 and its value is $6. This gives us 12/50(6) = 72/50.
There were 23 students who spent $5; this makes the probability 23/50 and its value is $5. This gives us 23/50(5) = 115/50.
There were 8 students who spent $4; this makes the probability 8/50 and its value is $4. This gives us 8/50(4) = 32/50.
There were 4 students who spent $3; this makes the probability 4/50 and its value is $3. This gives us 4/50(3) = 12/50.
Now we find the sum:
20/50 + 8/50 + 72/50 + 115/50 + 32/50 + 12/50
= 28/50 + 72/50 + 115/50 + 32/50 + 12/50
= 100/50 + 115/50 + 32/50 + 12/50
= 215/50 + 32/50 + 12/50
= 247/50 + 12/50
= 259/50
= $5.18
