SOLUTION: Suppose you play a game where you flip two coins. These are the rules: You must pay $1 to play. If the coins are both Tails then you get $2, if both are Heads you get $1, and for a

Algebra ->  Probability-and-statistics -> SOLUTION: Suppose you play a game where you flip two coins. These are the rules: You must pay $1 to play. If the coins are both Tails then you get $2, if both are Heads you get $1, and for a      Log On


   

Question 1086352: Suppose you play a game where you flip two coins. These are the rules: You must pay $1 to play. If the coins are both Tails then you get $2, if both are Heads you get $1, and for anything else you get nothing. Would you play this game? Justify your decision.
HH 1/4 = 0.25 * $1
TT 1/4 = 0.25 * $2
HT OR TH = 2/4 OR 1/2 * 0
$1 TO START PLAYING
I'm not sure if this is how you set up this problem?
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
What's your expected earnings?
Put a dollar value to each win and loss.
E=%281%2F4%29%282%29%2B%281%2F4%29%281%29%2B%282%2F4%29%280%29-1
E=1%2F2%2B1%2F4-1
E=3%2F4-1
E=-1%2F4
You should expect to lose in the long run.
You shouldn't play this game unless you like losing money.