Answer: $0.0646 is the expected value of the draw.
Step-by-step explanation:
1 nickel = 5 cents
1 dime = 10 cents
1 penny = 1 cent
Total number of coins = 14 + 15 + 6 = 35
Probability that a nickel is selected is = 14/35
Probability that a dime is selected is = 15/35
Probability that a penny is selected is = 6/35
So, the expected value of the draw will be =
(14) / (35) * 5 + (15) / (35) * 10 + (6) / (35) * 1
(70) / (35) + (150) / (35) + (6) / (35) = (226) / (35)
= 6.457 cents ≈ 6.46 cents
So, in dollars it is = (6.46) / (100) = $0.0646
So, $0.0646 is the expected value of the draw.
