Homework Help: math

Posted by natalie on Sunday, February 27, 2011 at 9:28am.

You and your friend each have a coin. For each round, each of you flips your coin. If both coins show heads, your friend pays you $3. If both show tails, your friend pays you $1. If the coins don't match, you pay him $2. Is this a fair game?

math - MathMate, Sunday, February 27, 2011 at 9:39am
The four possible outcomes are:
outcome payment
H/H +3.00
H/T -2.00
T/H -2.00
T/T -1.00

Average -2.00/4 = -0.50

Decide for yourself.
math - natalie, Sunday, February 27, 2011 at 10:11am
mathmate~

in the last part of the list T/T you have a -1.00 but shouldnt it be +1.00? does that then change the final answer?

thank you!!
math-typo - MathMate, Sunday, February 27, 2011 at 10:29am
Definitely!
Sorry that I misread the payment scheme.
So it is now:
outcome payment
H/H +3.00
H/T -2.00
T/H -2.00
T/T +1.00

Average 0.00/4 = 0.0

I suppose the result is now evident.
math - natalie, Sunday, February 27, 2011 at 10:35am
thank you! :)
math :) - MathMate, Sunday, February 27, 2011 at 11:27am
:)

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