Question

A paper bag contains three1 dollar bills to five dollar bill six $10 bills and one $20 bill in army select and keep one bill for the bag find Lenaerts expect to gain

Answer 1

Answer: $1.69

Explanation:

To find Lenaert's expected gain, we need to calculate the average value of a single bill if he selects and keeps one bill from the bag.

First, let's calculate the total value of all the bills in the bag:

3 x $1 = $3

5 x $5 = $25

6 x $10 = $60

1 x $20 = $20

Total value = $3 + $25 + $60 + $20 = $108

Now, let's calculate the probability of selecting each type of bill:

Probability of selecting a $1 bill = 3/15 = 0.2

Probability of selecting a $5 bill = 5/15 = 0.33

Probability of selecting a $10 bill = 6/15 = 0.4

Probability of selecting a $20 bill = 1/15 = 0.067

Finally, we can calculate the expected value of a single bill with the formula:

Expected value = (probability of selecting a bill) x (value of the bill)

So Lenaert's expected gain if he selects and keeps one bill from the bag is:

(0.2 x $1) + (0.33 x $5) + (0.4 x $10) + (0.067 x $20) = $1.69

Therefore, Lenaert can expect to gain an average of $1.69 if he selects and keeps one bill from the bag.