SOLUTION: A game is played using a fair coin. The coin is tossed three times. If exactly 1 head occurs, the player wins $5. If exactly 2 heads occurs, the player wins $5. If exactly 3 heads

Question 862250: A game is played using a fair coin. The coin is tossed three times. If exactly 1 head occurs, the player wins $5. If exactly 2 heads occurs, the player wins $5. If exactly 3 heads occur, the player wins $10. For any other outcome, the player wins nothing. It costs $2 to play the game. What is the expected value?
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!



Hi

 E = $3(.375) +  $3(.375) + $8(.125)- $2(.125) 

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