A box contains ten $1 bills, five $2 bills, three $5 bills,one $10 bill, and one

Question

A box contains ten $1 bills, five $2 bills, three $5 bills,one $10 bill, and one $100 bill. A person is charged $20 to selectone bill. a. Identify the random variable. X = b. construct a probability distribution for this data. c. find the expected value. d. Is the game fair? Explain briefly e. If a person rolls doubles when he tosses two dice, he wins$5. If the game is to be fair, how much should the person pay toplay the game? Please show all work! THANKS!!! A box contains ten $1 bills, five $2 bills, three $5 bills,one $10 bill, and one $100 bill. A person is charged $20 to selectone bill. a. Identify the random variable. X = b. construct a probability distribution for this data. c. find the expected value. d. Is the game fair? Explain briefly e. If a person rolls doubles when he tosses two dice, he wins$5. If the game is to be fair, how much should the person pay toplay the game? Please show all work! THANKS!!!

Explanation / Answer

random variable, X = dollar bill because it is the thing thatis varying probability distribution is a graph of the probabilitesof the different possibilities, ie: what the probability ofselecting a $1 bill, or the probability of selecting a $2bill therefore: P($1 bill) = 10bills / 20bills total.... P($2 bill)= 5/20..... P($5)=... P($10)..... P($100) the expected value = sum of each probability of selectingthe item * the value of the item therefore P(1$)*1$ + P(2$)*2$ + P(5$)*5$ + ..... is the game fair? that depends on the expected value. ifthe expected value = the cost of playing [$20], then yes the gameis fair. if the cost is > the expected value then thegame is unfair for the player. if the cost < the expectedvalue, then the game is unfair for the house again, for the rolling doubles, find the expected value byusing probability of rolling doubles and multiply by the value ofthe outcome [5$]. since the game is to be fair, the expected valueshould = the cost of the game i hope this helps

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