SOLUTION: Supposed a certain game is fair and costs $5 if you lose and has a net payoff of $9 if you win. The only possible outcomes of the game are winning and losing.
What is the probab
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-> SOLUTION: Supposed a certain game is fair and costs $5 if you lose and has a net payoff of $9 if you win. The only possible outcomes of the game are winning and losing.
What is the probab
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Question 1207327: Supposed a certain game is fair and costs $5 if you lose and has a net payoff of $9 if you win. The only possible outcomes of the game are winning and losing.
What is the probability of winning? Answer by ikleyn(52798) (Show Source):
You can put this solution on YOUR website! . Suppose a certain game is fair and costs $5 if you lose and has a net payoff of $9 if you win.
The only possible outcomes of the game are winning and losing.
What is the probability of winning?
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Let P be the probability of winning.
Then the probability of losing is Q = 1-P.
The condition for the game to be fair is
5*(1-P) = 9P.
Simplify and find P
5 - 5P = 9P
5 = 9P + 5P
5 = 14P
P = . ANSWER
