If you put 5 quarter, 5 dimes, 5 nickels and 10 pennies in a box and draw 1 coin. What is the expected value of this coin?

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- Sep 11th 2008, 04:56 AMooogle01Help with expected value problem
If you put 5 quarter, 5 dimes, 5 nickels and 10 pennies in a box and draw 1 coin. What is the expected value of this coin?

- Sep 11th 2008, 05:32 AMmr fantastic
Pr(quarter) = 5/25 = 1/5.

Pr(dime) = 5/25 = 1/5.

Pr(nickel) = 5/25 = 1/5.

Pr(penny) = 10/25 = 2/5.

1 quarter = 25 cents.

1 dime = 10 cents.

1 nickel = 5 cents

1 penny = 1 cent.

From the usual definition: E(coin) = (1/5)(25) + (1/5)(10) + (1/5)(5) + (2/5)(1) = .....