Question

A box contains 14 nickels, 15 dimes and 6 pennies. if a coin is picked at random from the box, what is the average value of the draw in dollars?

Answer 1

Answer:

$0.0646 is the expected value of the draw.

Step-by-step explanation:

1 nickel = 5 cents

1 dime = 10 cents

1 penny = 1 cent

Total number of coins = $14+15+6=35$

Probability that a nickel is selected is = 14/35

Probability that a dime is selected is = 15/35

Probability that a penny is selected is = 6/35

So, the expected value of the draw will be =

$\frac{14}{35}*5+\frac{15}{35}*10+\frac{6}{35}*1$

$\frac{70}{35}+\frac{150}{35}+\frac{6}{35}=\frac{226}{35}$

= 6.457 cents ≈6.46 cents

So, in dollars it is = $\frac{6.46}{100}$ = $0.0646

So, $0.0646 is the expected value of the draw.