Answer:
The expected value for a student to spend on lunch each day = $5.18
Step-by-step explanation:
Given the data:
Number of students______$ spent
2 students______________$10
1 student________________$8
12 students______________$6
23 students______________$5
8 students_______________$4
4 students_______________$3
Sample size, n = 50.
Let's first find the value on each amount spent with the formula:
[tex] \frac{num. of students}{sample size} * dollar spent [/tex]
Therefore,
For $10:
[tex] \frac{2}{50} * 10 = 0.4 [/tex]
For $8:
[tex] \frac{1}{50} * 8 = 0.16[/tex] l
For $6:
[tex] \frac{12}{50} * 6 = 1.44[/tex]
For $5:
[tex] \frac{23}{50} * 5 = 2.3[/tex]
For $4:
[tex] \frac{8}{50} * 4 = 0.64 [/tex]
For $3:
[tex] \frac{4}{50} * 3 = 0.24 [/tex]
To find the expected value a student spends on lunch each day, let's add all the values together.
Expected value =
$0.4 + $0.16 + 1.44 +$2.3 + $0.64 + $0.24
= $5.18
Therefore, the expected value for a student to spend on lunch each day is $5.18
