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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 -

    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 -

    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 -

    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 -

    thank you! :)

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