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A box contains 14 nickels, 17 dimes and 20 pennies. if a coin is picked at random from the box, what...
4 months ago
Q:
A box contains 14 nickels, 17 dimes and 20 pennies. if a coin is picked at random from the box, what is the average value of the draw in dollars?
Accepted Solution
A:
The expected value is
.. (14*.05 +17*.10 +20*.01)/(14 +17 +20)
.. = (.70 +1.70 +.20)/51
.. = 2.60/51
.. β 0.05098 . . . . dollars