Question

8 singles, 6 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

The fair price to play the game as described is therefore; $19.9.

The fair price to play the game would be the average dollar amount bill.

This can be evaluated as follows;

8 singles, 6 fives, 3 twenties, and 3 hundred dollar bills can be written as;

• (8×1) + (6×5) + (3×20) + (3×100)

• Total amount in the hat = $398

• The total number of bills = 8+6+3+3 = 20

• The fair price = $398/20

The fair price to play the game as described is therefore; $19.9.

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