SOLUTION: A game is played by flipping three coins. If all three coins lands heads up you win $15. If two coins lands heads up you win $5. If one coin lands heads up you win $2. If no coin l
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-> SOLUTION: A game is played by flipping three coins. If all three coins lands heads up you win $15. If two coins lands heads up you win $5. If one coin lands heads up you win $2. If no coin l
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Question 293205: A game is played by flipping three coins. If all three coins lands heads up you win $15. If two coins lands heads up you win $5. If one coin lands heads up you win $2. If no coin land heads up you win nothing. If you play $4 to play, what are your expected winnings?
answer choice
a. $1.00
b. -$1.00
c. -$0.50
d. $0.50 Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! A game is played by flipping three coins. If all three coins lands heads up you win $15. If two coins lands heads up you win $5. If one coin lands heads up you win $2. If no coin land heads up you win nothing. If you pay $4 to play, what are your expected winnings?
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Random winning values::::::: 11::::1::::-2
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Corresponding probabilities: 1/8:::3/8:::3/8
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Expected winnings = (1/8)(11) + (3/8)*1 + (3/8)(-2)
=[11 + 3 -6]/8
=[8/8]
= $1
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Cheers,
Stan H.
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answer choice
a. $1.00
b. -$1.00
c. -$0.50
d. $0.50
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