January 11th, 2009, 10:59 PM
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 | Flow Master | | Join Date: Dec 2007 Location: Zeitgeist
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Quote:
Originally Posted by Bradley55  A bag contains ten $1 bills, five $2 bills, four $5 bills, one $10 bill, one $20 bill, and one $100 bill. In order to play the game, which consists of drawing on bill randomly out of the bag, you must pay $20.
Q: A construct a probability distribution for this situation.
A: ????
Q: Find the expected value Mr F says: The expected value of the amount of money pulled from the bag, I assume ....?
A: I think, (1x10)+(2x5)+(5x4)+(10x1)+(20x1)+(100x1) = $7.27 Mr F says: How did you get $7.27!? The left hand side adds up to 170 ....!
The answer (use the probability distribution - see how to get it below) is found using the definition: 170/22 = $7.73.
Q:Is this game fair? if it is not fair, determine how much someone should have to pay in order for the game to be fair.
A: Well it should cost $7.27 for the game to be considered fair.
I dont know what to do on the first one, nor if i have done the 2nd one right, which therefore would make me do the last one wrong.
A: | There are 22 bills. Ten of them are $1 bills. So Pr(X = $1) = 10/22. Calculate Pr(X = $2), Pr(X = $5) etc. in a similar way. The exhaustive set of probabilities is the probability distribution for the amount of money pulled from the hat.
__________________ There are two things you should never try to prove: the impossible and the obvious. The greater danger for most of us lies not in setting our aim too high and falling short; but in setting our aim too low and achieving our mark. (Michelangelo Buonarroti)
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