Ryan puts 2 nickels, 2 dimes, and 1 quarter in a bag. He then picks one coin. What is the expected value, in cents, of each pick in his experiment?
Pick P(pick) Value of pick Value×P(pick)=E(pick)
nickel 2/5=.4 $.05 $.05×.4 = $.02
dime 2/5=.4 $.10 $.10×.4 = $.04
quarter 1/5=.2 $.25 $.20×.2 = $.05
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1.0 $.11
Expectation = 11 cents.
11 cents is what Ryan will expect to average getting per
experiment if he were to repeat this same experiment many
times.
Edwin