Answer:
$0.0646 is the expected value of the draw.
Step-by-step explanation:
1 nickel = 5 cents
1 dime = 10 cents
1 penny = 1 cent
Total number of coins = [tex]14+15+6=35[/tex]
Probability that a nickel is selected is = 14/35
Probability that a dime is selected is = 15/35
Probability that a penny is selected is = 6/35
So, the expected value of the draw will be =
[tex]\frac{14}{35}*5+\frac{15}{35}*10+\frac{6}{35}*1[/tex]
[tex]\frac{70}{35}+\frac{150}{35}+\frac{6}{35}=\frac{226}{35}[/tex]
= 6.457 cents ≈6.46 cents
So, in dollars it is = [tex]\frac{6.46}{100}[/tex] = $0.0646
So, $0.0646 is the expected value of the draw.
