SOLUTION: A certain game involves tossing 3 fair coins. It pays 25 cents for 3 heads, 14 cents for 2 heads, and 7 cents for 1 head. What is a fair price to pay to play this game

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Question 1191268: A certain game involves tossing 3 fair coins. It pays 25 cents for 3 heads, 14 cents for 2 heads, and 7 cents for 1 head. What is a fair price to pay to play this game
Answer by ikleyn(52792)   (Show Source): You can put this solution on YOUR website!
.

P(3H) = ;

P(2H) = ;

P(H)  = .


The math expectation of winning is   =  =  = 11 cents.


So, the fair price to pay to play this game is 11 cents per game.    ANSWER

Solved.



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