SOLUTION: Supposed a certain game is fair and costs $5 if you lose and has a net payoff of $9 if you win. The only possible outcomes of the game are winning and losing. What is the probab

Question 1207327: Supposed a certain game is fair and costs $5 if you lose and has a net payoff of $9 if you win. The only possible outcomes of the game are winning and losing.
What is the probability of winning?
Answer by ikleyn(52799) (Show Source): You can put this solution on YOUR website!
.

Suppose a certain game is fair and costs $5 if you lose and has a net payoff of $9 if you win.
The only possible outcomes of the game are winning and losing.
What is the probability of winning?
~~~~~~~~~~~~~~~~~~~~

Let P be the probability of winning.
Then the probability of losing is Q = 1-P.


The condition for the game to be fair is

     5*(1-P) = 9P.


Simplify and find P

    5 - 5P = 9P

    5 = 9P + 5P

    5 = 14P

    P = .    ANSWER

Solved.

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