Asked by tom
You are given 5 to 4 odds against tossing three heads with three coins, meaning you win $5 if you succeed and you lose $4 if you fail. Find the expected value (to you) of the game. Would you expect to win or lose money in 1 game? In 100 games? Explain.
Answers
Answered by
oobleck
P(HHH) = 1/8
So, E(x) = 1/8 * 5 - 7/8 * 4
So, E(x) = 1/8 * 5 - 7/8 * 4
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