A bag contains ten $1 bills, five $2 bills, four $5 bills, one $10 bill, one $20 bill, and one $100 bill. In order to play the game, which consists of drawing on bill randomly out of the bag, you must pay $20.
Q: A construct a probability distribution for this situation.
Q: Find the expected value
A: I think, (1x10)+(2x5)+(5x4)+(10x1)+(20x1)+(100x1) = $7.27
Q:Is this game fair? if it is not fair, determine how much someone should have to pay in order for the game to be fair.
A: Well it should cost $7.27 for the game to be considered fair.
I dont know what to do on the first one, nor if i have done the 2nd one right, which therefore would make me do the last one wrong.