SOLUTION: In the game of heads or tails, if two coins are tossed, you win $0.68 if you throw two heads, win $0.34 if you throw a head and a tail, and lose $1.02 if you throw two tails. What

Algebra.Com
Question 1118078: In the game of heads or tails, if two coins are tossed, you win $0.68 if you throw two heads, win $0.34 if you throw a head and a tail, and lose $1.02 if you throw two tails. What are the expected winnings of this game? (Round the final answer to 4 decimal places.)

Expected winnings?
Thank You

Answer by solver91311(24713)   (Show Source): You can put this solution on YOUR website!


There is a 50% probability of a head on the first toss and a 50% probability of getting head on the second toss. So there is a 0.5 X 0.5 = 0.25 = 25% probability of getting two heads.

Same thing for getting two tails.

50% to get a head first and then 50% to get a tail, so P(TH) = 25%

50% to get a tail first and then 50% to get a head, so P(HT) = 25%

Hence, 50% probability of getting a head and a tail in either order.



You can do your own arithmetic.

John

My calculator said it, I believe it, that settles it


RELATED QUESTIONS

Suppose you flip a coin 3 times, and record the sequence of heads and tails that appear.... (answered by Edwin McCravy)
The game of heads up is played by flipping two coins. If they both land heasds up, you... (answered by stanbon)
A fair coin is flipped two independent times. Suppose the Random Variables X1,X2 where: (answered by ewatrrr)
I need someone to answer to this problem before my exams! I would like if he/she can... (answered by math1239028)
9 In a two person game, four coins are tossed. If exactly two come up heads, you win. If... (answered by Fombitz)
Results: Heads: 9 Tails: 11 Background info: You play a game where if you can... (answered by Boreal)
There is a game that costs $5.00 to play. Two coins are tossed. You get $10.00 if two... (answered by ewatrrr)
A game is played by flipping three coins. If all three coins lands heads up you win $15.... (answered by stanbon)
I need someone to answer to this before my exams!! I would like if he/she can share... (answered by ScientificArt)