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Answer:
The expected value for a student to spend on lunch each day = $5.18
Step-by-step explanation:
Given the data:
Number of students______$ spent
2 students______________$10
1 student________________$8
12 students______________$6
23 students______________$5
8 students_______________$4
4 students_______________$3
Sample size, n = 50.
Let's first find the value on each amount spent with the formula:
Therefore,
For $10:
For $8:
l
For $6:
For $5:
For $4:
For $3:
To find the expected value a student spends on lunch each day, let's add all the values together.
Expected value =
$0.4 + $0.16 + 1.44 +$2.3 + $0.64 + $0.24
= $5.18
Therefore, the expected value for a student to spend on lunch each day is $5.18