SOLUTION: A game involves tossing three coins. If two or more coins are heads, the player wins a prize. Each play costs $0.25. What value of prize will make this a fair game?

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Question 1172968: A game involves tossing three coins. If two or more coins are heads, the player wins a prize. Each play costs $0.25. What value of prize will make this a fair game?
Answer by ikleyn(52879) About Me  (Show Source):
You can put this solution on YOUR website!
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The space of events consists of 8 outcomes.

Of them, the winning are 3 with exactly two heads  PLUS  one with 3 heads.


So, there are 4 possible winning outcomes among 8 possible.


In other words, the probability to win is  4%2F8 = 1%2F2 = 0.5.


Hence, the fair game should give a prize of $0.25*2 = $0.50.    ANSWER