6 singles, 12 fives, 3 twenties, and 3 hundred dollar bills are all placed in a hat. If a player is to reach into the hat and randomly choose one bill, what is the fair price to…

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asked Apr 9, 2023 140k views

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Paul Butcher · Answer 1 · 2023-04-15T18:43:07+0000

Step-by-step explanation

The fair price is the average (mean) of the dollars in the hat. It's given by the following formula:

$\operatorname{mean}=\frac{\sum ^{}_{}\text{data}}{\#\text{ of data}}.$

Applying it to our exercise, we get

$\begin{gathered} \operatorname{mean}=((1+1+\cdots+1)+(5+5+\cdots+5)+(20+20+20)+(100+100+100))/(24)=\ldots \\ \ldots(6\cdot1+12\cdot5+3\cdot20+3\cdot100)/(24)=(426)/(24)=17.75. \end{gathered}$ Answer

The fair price to the play is $17.75.

6 singles, 12 fives, 3 twenties, and 3 hundred dollar bills are all placed in a hat. If a player is to reach into the hat and randomly choose one bill, what is the fair price to…

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