Question

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A grab-bag contains 20 packages worth $.70 each, 15 packages $.60 cents each, and 5 packages worth $.30 each. What is the expected value if you have to pay $.50 to pick one package at random?
about $0.53
about $0.00
about $0.60
about $0.11

Answer 1

The expected value if I have to pick one package given the price I would have to pay is $0.11.

What is the expected value?

The expected value is the cost you would have to pay subtracted from the total value of one package.

Total value of one package  =[ (15 x 0.60) + (5 x 0.3) + (20 x 0.7)]/ (20 + 15 + 5) = $0.61

Expected value = $0.61 - $0.50 = $0.11

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