Question

6 singles, 9 fives, 3 twenties, and 3 hundred dollar bills are all placed in a hat. If a player is to reach into the hat and randomly choose one bill, what is the fair price to play this game?

Answer 1

There are 21 bills in total, so you have a:

6/21 chance of drawing single

9/21 of drawing five

3/21 of drawing twenties

3/21 of drawing hundred dollar

Fair price:

1 x 6 + 5 x 9 + 20 x 3 + 100 x 3 = 411

411/21 = $19.5714