The following table shows the probability distribution for the prize amounts that will be awarded at a school raffle. $1 $5 $10 $20 $50 Probability 0.60 0.30 0.05 0.04 0.01 Let the random variable P represent a randomly selected prize amount. What is the expected value of P? Prize

Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter12: Probability
Section12.3: Conditional Probability; Independent Events; Bayes' Theorem
Problem 64E
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A. $1.00

B. $ 3.90

C. $ 4.00

D. $ 10.00

E. 17.20

The following table shows the probability distribution for the prize amounts that will be awarded at a school
raffle.
Prize
$1
$5
$10
$20
$50
Probability
0.60
0.30
0.05
0.04
0.01
Let the random variable P represent a randomly selected prize amount. What is the expected value of P?
Transcribed Image Text:The following table shows the probability distribution for the prize amounts that will be awarded at a school raffle. Prize $1 $5 $10 $20 $50 Probability 0.60 0.30 0.05 0.04 0.01 Let the random variable P represent a randomly selected prize amount. What is the expected value of P?
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