SOLUTION: 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 indistinguish

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Question 1190177: 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?
Answer by ikleyn(53937) About Me  (Show Source):
You can put this solution on YOUR website!
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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  3%2F10  Emma gets first prize;

with the probability  2%2F10  Emma gets second prize;

with the probability  5%2F10  Emma gets third prize.


The expected value is then  50%2A%283%2F10%29+%2B+25%2A%282%2F10%29+%2B+10%2A%285%2F10%29 = %2850%2A3+%2B+25%2A2+%2B+10%2A5%29%2F10 = 250%2F10 = 25  dollars.    ANSWER

Solved.