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Ignacio enters into a game of chance. A bag of money has twelve $1 bills, ten $5 dollar bills, sixteen $10 bills, eight $20 bills,
Ignacio enters into a game of chance. A bag of money has twelve $1 bills, ten $5 dollar bills, sixteen $10 bills, eight $20 bills, and nine $100 bills. Ignacio pays $25 to pull one bill from the bag without looking into the bag. After Ignacio takes the bill out of the bag, he keeps the bill. (a) What is the expected value of the bill Gustaf pulls out of the bag? (b) What is Gustaf's expected value of the game?
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