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