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You draw and keep a single bill from a hat that contains $1, $10, $20, and $50 bill. what is the expected value of the game?

Sagot :

The Expected value of the game to you is 19 dollars. The Expected value of the game to you is 19 dollars.

Expected value (also called expected value, expected value, mathematical expected value, mean, average, or first moment) is a generalization of weighted average. Informally, the expected value is the arithmetic mean of a large number of independently selected random variables.

The expected value is the probability multiplied by the value of each outcome. For example, a 50% chance of winning $100 is worth $50 to you (if you don't mind the risk). You can use this framework to decide if you should participate in the lottery.

Learn more about Expected value here: https://brainly.com/question/15858152

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