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← Unit 11 · Expected value

Practice

Mixed order. Wrong answers show the rule, the worked steps, the trap, and a twin to try.

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2.7 · #11 of 8

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