You have a collection of different dollar bills: Three $1 bills Four $5 bills Two $20...
You have a collection of different dollar bills:
Three $1 bills
Four $5 bills
Two $20 bills
You buy a scoop of ice cream for $0.75, and you choose one of the bills at random to pay for it.
How much change can you expect to get (On average how much change do you get back)?
Homework Answers
| X (bill) | P(X) | X*P(X) |
| 1 | 3/9 | 0.333 |
| 5 | 4/9 | 2.222 |
| 20 | 2/9 | 4.444 |
mean = E[X] = Σx*P(X) =
7.0000
expected change = $7 - $0.75 = $6.25 (answer)
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