SOLUTION: A $20 bill, two $10 bills, three $5 bills and four $1 bills are placed in a bag. If a bill is chosen at random, what is the expected value for the amount chosen?

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Question 653320: A $20 bill, two $10 bills, three $5 bills and four $1 bills are placed in a bag. If a bill is chosen at random, what is the expected value for the amount chosen?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
A $20 bill, two $10 bills, three $5 bills and four $1 bills are placed in a bag. If a bill is chosen at random, what is the expected value for the amount chosen?
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Random number values: 20:::10:::5:::1
Corresponding probabilities: 1/10:::2/10:::3/10:::4/10
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Expected value: (1*20+2*10+5*3+4*1)/10 = (20+20+15+4)/10 = $5.90
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Cheers,
Stan H.