Assume a person pays $1 to play the following game. Four coins are tossed. If all coins show the same (all heads or all tails), the player wins $6; otherwise, the player loses. Find the expected value for this game.

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Mathematics

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14 February, 13:03

Assume a person pays $1 to play the following game. Four coins are tossed. If all coins show the same (all heads or all tails), the player wins $6; otherwise, the player loses. Find the expected value for this game.

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Answers (2)

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Rodolfo Atkins · Answer 1

For each toss the probability is 0.5 head and 0.5 tail.

As you have 4 coins you have 0.5 probability for head in each coin also about the tails.

The probability of all heads is 0.5^4 and all tails is 0.5^4 so the probability of win is 0.5^4+0.5^4=0.125

The expected value is $6*0.125 - $1 * (1-0.125) = - 0.125$

(1-0.125) is the propability of fail.

-$1 is the money that you would lose

Chad Warner · Answer 2

I believe that answer shall be 24