# SOLUTION: Kindly assist. A game of chance consist of tossing 3 coins one . For every head that shows up one gain \$ 300 and \$ losses \$ 200 for each tail that appears . a) Determine th

Algebra ->  Algebra  -> Probability-and-statistics -> SOLUTION: Kindly assist. A game of chance consist of tossing 3 coins one . For every head that shows up one gain \$ 300 and \$ losses \$ 200 for each tail that appears . a) Determine th      Log On

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 Question 63779: Kindly assist. A game of chance consist of tossing 3 coins one . For every head that shows up one gain \$ 300 and \$ losses \$ 200 for each tail that appears . a) Determine the expected value of the game b) Dtermin the Standard deviation of the game c) It is prudent for one to play the game ?Answer by stanbon(57967)   (Show Source): You can put this solution on YOUR website!A game of chance consist of tossing 3 coins one . For every head that shows up one gain \$ 300 and \$ losses \$ 200 for each tail that appears . a) Determine the expected value of the game b) Dtermin the Standard deviation of the game c) It is prudent for one to play the game ? ----------------- a)List the possible tossing results: HHH,HHT,HTH,HHT,HTT,THT,TTH,TTT Each has probability 1/8 List the corresponding "pay" value of each: 900,400,400,400,-100,-100,-100,-600 Multiply each "pay" value by its corresponding probability then add the result to get the expected value: Expected Value = 1200/8=\$150 b)I'll have to get back to this c)Yes it's prudent since the expected win is \$150 Cheers, Stan H.