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Math Help - Help with expected value problem

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    Question Help 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?
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    Quote Originally Posted by ooogle01 View Post
    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?
    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) = .....
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