SOLUTION: A game is played by selecting one bill at random from a bag that contains eight $1 bills, four $2 bills, three $5 bills, two $10 bills and one $100 bill. the player gets to keep th
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Question 326231: A game is played by selecting one bill at random from a bag that contains eight $1 bills, four $2 bills, three $5 bills, two $10 bills and one $100 bill. the player gets to keep the selected bill. there is a $20 charge to play the game. what is the player's expected value?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
There are 18 bills total, so you have a:
chance of drawing $1.
chance of drawing $2.
chance of drawing $5.
chance of drawing $10.
chance of drawing $100.
is the average payout per draw, but you pay $20 to play each time, so your expected payout per play is
Ok, I'll play IF I get to be the dealer.
John
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