A craft store has 25 assorted grab bags on sale for $3.00 each. Fifteen of the b

ID: 3381716 • Letter: A

Question

A craft store has 25 assorted grab bags on sale for $3.00 each. Fifteen of the bags contain $3.00 worth of merchandise, six contain $2.00 worth, two contain $5.00 worth of merchandise, and there are one each containing $10.00 and $20.00 worth of merchandise. Suppose that you purchase one bag; what is your expected gain or loss? Round the answer the nearest cents A craft store has 25 assorted grab bags on sale for $3.00 each. Fifteen of the bags contain $3.00 worth of merchandise, six contain $2.00 worth, two contain $5.00 worth of merchandise, and there are one each containing $10.00 and $20.00 worth of merchandise. Suppose that you purchase one bag; what is your expected gain or loss? Round the answer the nearest cents

Explanation / Answer

Consider:

Thus, the mean worth of each bag is

Mean = Sum(xf) / Sum(f) = 3.88

Thus, the expected gain is $3.88 - 3.00 = $0.88 [ANSWER]

x f x f 3 15 45 2 6 12 5 2 10 10 1 10 20 1 20

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A craft store has 25 assorted grab bags on sale for $3.00 each. Fifteen of the b

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