Problema Solution
a bag contains 7 pennies, 8 nickels, 5 dimes and 3 quarters. If you select one coin at random, how much money would you expect to get? (statistic)
Answer provided by our tutors
expcted money = 0.01*(7/23) + 0.05*(8/23) + 0.10*(5/23) + 0.25*(3/23)
= (0.07+ 0.40 + 0.50 + 0.75)/23 = 1.72/23 = $0.075