create a rental plan that has an average monthly rent between $750.00 and $850.00. Your plan must use three coins. The coins may be the same or different types. Clearly explain your rental plan and show calculations for the average monthly rent. (I had trouble on this question, i'm not sure how i can figure this out).
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rental plan
- Thread starter diana132
- Start date
Hello, diana132!
This is another "expected value" probme.
Your explanation should have been clearer.
Your landlord offers you an unusual plan for determining your monthly rent.
Each month you toss three quarters.
. . If you get 3 Heads, you pay $1000.
. . If you get 2 Heads, you pay $900.
. . If you get 1 Head, you pay $700.
. . If you get no Heads, you pay $600.
What is your expected average montly rent?
\(\displaystyle \begin{array}{ccc}\text{No. of Heads} & \text{Probability} & \text{Rent} \\ \hline \\[-3mm] 3 & \frac{1}{8} & \$1000 \\ \\[-3mm] 2 & \frac{3}{8} & \$900 \\ \\[-3mm] 1 & \frac{3}{8} & \$700 \\ \\[-3mm] 0 & \frac{1}{8} & \$600 \\ \\[-3mm] \hline\end{array}\)
\(\displaystyle E \;=\;\tfrac{1}{8}(1000) + \tfrac{3}{8}(900) + \tfrac{3}{8}(700) + \tfrac{1}{8}(600) \;=\;\frac{6400}{8} \;=\;800\)
You can expect to pay an average of \(\displaystyle \$800\) per month.
This is another "expected value" probme.
Your explanation should have been clearer.
Create a rental plan that has an average monthly rent between $750 and $850.
Your plan must use three coins.
Clearly explain your rental plan and show calculations for the average monthly rent.
Your landlord offers you an unusual plan for determining your monthly rent.
Each month you toss three quarters.
. . If you get 3 Heads, you pay $1000.
. . If you get 2 Heads, you pay $900.
. . If you get 1 Head, you pay $700.
. . If you get no Heads, you pay $600.
What is your expected average montly rent?
\(\displaystyle \begin{array}{ccc}\text{No. of Heads} & \text{Probability} & \text{Rent} \\ \hline \\[-3mm] 3 & \frac{1}{8} & \$1000 \\ \\[-3mm] 2 & \frac{3}{8} & \$900 \\ \\[-3mm] 1 & \frac{3}{8} & \$700 \\ \\[-3mm] 0 & \frac{1}{8} & \$600 \\ \\[-3mm] \hline\end{array}\)
\(\displaystyle E \;=\;\tfrac{1}{8}(1000) + \tfrac{3}{8}(900) + \tfrac{3}{8}(700) + \tfrac{1}{8}(600) \;=\;\frac{6400}{8} \;=\;800\)
You can expect to pay an average of \(\displaystyle \$800\) per month.
soroban said:Hello, diana132!
This is another "expected value" probme.
Your explanation should have been clearer.
Create a rental plan that has an average monthly rent between $750 and $850.
Your plan must use three coins.
Clearly explain your rental plan and show calculations for the average monthly rent.
Your landlord offers you an unusual plan for determining your monthly rent.
Each month you toss three quarters.
. . If you get 3 Heads, you pay $1000.
. . If you get 2 Heads, you pay $900.
. . If you get 1 Head, you pay $700.
. . If you get no Heads, you pay $600.
What is your expected average montly rent?
\(\displaystyle \begin{array}{ccc}\text{No. of Heads} & \text{Probability} & \text{Rent} \\ \hline \\[-3mm] 3 & \frac{1}{8} & \$1000 \\ \\[-3mm] 2 & \frac{3}{8} & \$900 \\ \\[-3mm] 1 & \frac{3}{8} & \$700 \\ \\[-3mm] 0 & \frac{1}{8} & \$600 \\ \\[-3mm] \hline\end{array}\)
\(\displaystyle E \;=\;\tfrac{1}{8}(1000) + \tfrac{3}{8}(900) + \tfrac{3}{8}(700) + \tfrac{1}{8}(600) \;=\;\frac{6400}{8} \;=\;800\)
You can expect to pay an average of \(\displaystyle \$800\) per month.
HUH????
Are we supposed to be clairvoyant here? I'm really sorry, and bow to the insanely magnificent knowledge of arcane problems demonstrated by this response.