Math

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A coin is tossed three times. If heads appears on all 3 tosses, Mary will win $16. If heads appears on 2 of the
tosses, she will win $2. The game costs $5 to play. What is her mean expectation?

  • Math -

    Assuming Mary gets nothing from the other outcomes.

    For 3 tosses,
    outcome probability(P) return(E)
    HHH 1/8 $16
    HHT 1/8 $2
    HTH 1/8 $2
    THH 1/8 $2
    Mean expectation
    = Σ PE
    = 16/8 + 3*2/8
    = 2+6/8
    = 2.75

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