Ask Question
25 September, 05:45

In a gambling game a man is paid $5 if he gets all heads or alltails when three coin are tossed, and he will pay out $3 if eitherone or two heads show.

a. Construct a probability distribution for this situation

b. What is his expected gain

+5
Answers (1)
  1. 25 September, 08:55
    0
    Total 8 outcomes

    a) X: gain

    X = + 5 P (X = - 5) = 2/8 = ¼

    X = - 3 P (X = - 3) = ¾

    b) E (X) = (5*¼) + (-3*¾l = - 1

    expected gain is - 1

    Which means expected loss is $1
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “In a gambling game a man is paid $5 if he gets all heads or alltails when three coin are tossed, and he will pay out $3 if eitherone or two ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers