Word Problem.

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A game is played by flipping three coins. If all three coins land heads up you win $15. If two coins lands heads up you win $5. If one coin lands heads up you win $2. If no coins land heads up you win nothing. If you play $4 to play, what are your expected winnings?

  • Word Problem. -

    Prob (HHH) = 1/8
    expected value = (1/8)(15) = 1.875
    prob(HHT or HTH or THH) 3/8
    expected winnings = (3/8)(5) = 1 .875
    prob(HTT or THT or TTH) = 3/8
    expected winnings = (3/8)(2) = .75
    prob( TTT) = 1/8
    expected winning = 0

    total expected winnings = 4.5
    to play the game costs $4
    expected winnings = $0.50

    Bet you won't see that game in Vegas.

  • Word Problem. -

    Thank you Reiny.

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