annatour292 annatour292
  • 09-01-2024
  • Mathematics
contestada

A person will randomly win 1 of 5 prizes. The cash values of the 5 prizes are $5, $10, $10, $10, $20, respectively. Which properly calculates the expected value of the person's winning prize?

(5 + 10 + 20) / 3 = $11.7

5×(1/5) + 10×(3/5) + 20×(1/5) = $11

5×(1/5) + 10×(1/5) + 20×(1/5) = $7

Most common value is $10, so $10

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