SOLUTION: 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? a.13 cents b.11 cents c.10

Algebra ->  Permutations -> SOLUTION: 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? a.13 cents b.11 cents c.10       Log On


   

Question 550853: 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?
a.13 cents
b.11 cents
c.10 cents
d.9 cents
Answer by Edwin McCravy(20055) About Me  (Show Source):
You can put this solution on YOUR website!
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
--------------------------------------------------------
            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