Suppose we have a bag with 10 slips of paper in it. eight of these have a 2 on them and the other two have a 4 on them.
what is the expected value of the number shown when we draw a single slip of paper?

The expected value of one draw is the average value of these 10 slips of paper which is:

24 / 10  =  2.4

Step-by-step explanation:

We have a bag with 10 slips of paper in it. 8 slips of paper each has a 2 on them; 2 slips of paper each has a 4 on them.

The total value of all the slips when added together is:

= (8)(2) + (2)(4)  

=  16 + 8 = 24

The expected value of one draw is the average value of these 10 slips of paper which is:

24 / 10  =  2.4  

$5.41

step-by-step explanation:

$20 - $14.51 = $5.49.