SOLUTION: In a coin collection there are 9 pennies, 8 nickels, 12 dimes, 16 quarters, 11 half-dollars and 4 dollar pieces. A coin is randomly selected from the collection by a blind folded

Algebra ->  Customizable Word Problem Solvers  -> Coins -> SOLUTION: In a coin collection there are 9 pennies, 8 nickels, 12 dimes, 16 quarters, 11 half-dollars and 4 dollar pieces. A coin is randomly selected from the collection by a blind folded       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 453640: In a coin collection there are 9 pennies, 8 nickels, 12 dimes, 16 quarters, 11 half-dollars and 4 dollar pieces. A coin is randomly selected from the collection by a blind folded boy who gets to keep the coin picked. What is the expected value?
Answer by ilana(307) About Me  (Show Source):
You can put this solution on YOUR website!
The expected value is the sum of each probability times its value.
P(penny) = 9/60
P(nickel) = 8/60
P(dime) = 12/60
P(quarter) = 16/60
P(half-dollar) = 11/60
P(dollar) = 4/60
Expected value = 1*9/60 + 5*8/60 + 10*12/60 + 25*16/60 + 50*11/60 + 100*4/60
= (9 + 40 + 120 + 400 + 550 + 400)/60
= 1519/60
= approx. $25.32