Question: As in Example 12.16, Jim and his brother both like chocolate chip cookies best. They have a jar of cookies with 5 chocolate chip cookies,

As in Example 12.16, Jim and his brother both like chocolate chip cookies best. They have a jar of cookies with 5 chocolate chip cookies, 3 oatmeal cookies, and 4 peanut butter cookies. They are each allowed to have 3 cookies. To be fair, they agree to randomly select their cookies without peeking, and they each must keep the cookies that they select. Suppose that the cookies are worth $1.20 for each chocolate chip cookie, $0.75 for each oatmeal cookie, and $1.30 for each peanut butter cookie, find the expected value and variance of the total value of the cookies Jim gets.

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In Example 1216 we saw that E X 54 and Var X 105176 where X is the number of chocolate chip cookies ... View full answer

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