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7 singles, 13 fives, 4 twenties, and 3 hundred dollar bills are all placed in a hat. If a player is to reach into the hat and randomly choose one bill, what is the fair price to play this game?

Respuesta :

So,

The probability to obtain one bill of the four, is 1/4.

So, the expected value is:

[tex]\begin{gathered} \frac{1}{4}(7)+\frac{1}{4}(13)+\frac{1}{4}(4)+\frac{1}{4}(3) \\ \\ =6.75 \end{gathered}[/tex]

Therefore, the fair price to play this game is 6.75.

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