SOLUTION: Your little sister loves visits from the Tooth Fairy. Suppose half the time the Tooth Fairy leaves $1 and half the time she leaves $0.50. What is the expected value of the Tooth F
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Question 1071564: Your little sister loves visits from the Tooth Fairy. Suppose half the time the Tooth Fairy leaves $1 and half the time she leaves $0.50. What is the expected value of the Tooth Fairy's payoff?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Here, with equal probabilities, it is $0.75
E(X)=$1(0.50)+$0.50(0.50)=$0.75
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