Question

16.4.57 Question Help A box contains eighteen $1 bills, ten $5 bills, eight $10 bills, three $20 bills, and one $100 bill You blindly reach into the box and draw a bill at random What is the expected value of your draw? The expected value of the draw is SL (Round to the nearest cent)

Answer 1

Answer:

$ 7.7

Step-by-step explanation:

Given,

There are 18 $1 bills, ten $5 bills, eight $10 bills, three $20 bills, and one $100 bill,

Total number of bills = 18 + 10 + 8 + 3 + 1 = 40,

$\because \text{Probability}=\frac{\text{Favourable outcomes}}{\text{Total outcomes}}$

Thus,

The probability of $ 1 = $\frac{18}{40}$

The probability of $ 5 = $\frac{10}{40}$

The probability of $ 10 = $\frac{8}{40}$

The probability of $ 20 = $\frac{3}{40}$

The probability of $ 100 = $\frac{1}{40}$

If a bill is selected randomly,

The expected value of the bill

$=\frac{18}{40}\times 1+\frac{10}{40}\times 5+\frac{8}{40}\times 10+\frac{3}{40}\times 20+\frac{1}{40}\times 100$

$=\frac{18+50+80+60+100}{40}$

$=\frac{308}{40}$

= $ 7.7