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Hi, I am struggling with this question. Please help me out.
Emma wins a sports tournament. She wins the first selection from a prize table.
However, the prizes are indistinguishable from each other because all of the prizes
are identically wrapped. There are three prizes worth $50.00, two worth $25.00,
and five worth $10.00. What is the expected value of the prize that she will receive?
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In total, there are 3 + 2 + 5 = 10 prizes, that are identically wrapped and indistinguishable.
With the probability Emma gets first prize;
with the probability Emma gets second prize;
with the probability Emma gets third prize.
The expected value is then = = = 25 dollars. ANSWER
Solved.