SOLUTION: A person draws two coins from a bag containing three 20 cent and
four 50 cent coins. Find the expected value of the amount the
person will obtain.
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-> SOLUTION: A person draws two coins from a bag containing three 20 cent and
four 50 cent coins. Find the expected value of the amount the
person will obtain.
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Question 751508: A person draws two coins from a bag containing three 20 cent and
four 50 cent coins. Find the expected value of the amount the
person will obtain. Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! A person draws two coins from a bag containing three 20 cent and
four 50 cent coins. Find the expected value of the amount the
person will obtain.
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P(2 20 cent pieces) = 3C2/7C2 = 0.1429
P(2 50 cent pieces) = 4C2/7C2 = 0.2857
P(1 20 cent & 1 50 cent) = (3*4)/7C2 = 0.5714
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Random # values::::.....40........100.......70
Associated probs::::....0.1429...0.2857....0.5714
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E(x) = 0.1429*40 + 0.2857*100 + 0.5714*70 = 74.29 cents
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Cheers,
Stan H.
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