A man comes up to play a game. you flip a coin, if heads you win $1 and keep playing if heads again you get $2, if you get heads again, $4 and so on. If you flip tails you take your money and the game is over. How much should he be willing to pay?
Math - Brianna, Tuesday, August 10, 2010 at 5:44pm
it depends onhow many times he flipes it
Math - Tara, Tuesday, August 10, 2010 at 6:57pm
No it doesn't
Math - Caruso, Friday, February 18, 2011 at 10:55am
It does matter how many time he flips it. E(x) changes with every trial added.
E(x)=Sum(P(u)X(u)) as u fulfills the total sample space