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

Algebra ->  Probability-and-statistics -> 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      Log On


   



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) About Me  (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