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July 29, 2015

Homework Help: math of investment

Posted by Anonymous on Saturday, March 20, 2010 at 4:07pm.

Suppose the probability of a coin coming up heads is 2/5. The coin is tossed 4 times (the tosses are independent), and Jane will win $5 for each head. If all 4 tosses are heads, she will get $100 extra. She never loses money.
a)what is the probability that Jane will win at least $5?
b)What is the expected value of her winning?

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