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7. Suppose there is a game where you spend $1.50 to flip N fair coins. If this results in exactly i heads you get i dollars. (a) Find an expression the amount of money you expect to receive from playing this game. Your answer can be written in summation notation. (b) Find the smallest value of N where you expect to make a profit by playing the game.

7. Suppose there is a game where you spend $1.50 to flip N fair coins. If this results in exactly i heads you get i dollars. (a) Find an expression the amount of money you expect to receive from playing this game. Your answer can be written in summation notation. (b) Find the smallest value of N where you expect to make a profit by playing the game.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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7. Suppose there is a game where you spend $1.50 to flip N fair coins. If this results in exactly i heads you get i dollars. (a) Find an expression the amount of money you expect to receive from playing this game. Your answer can be written in summation notation. (b) Find the smallest value of N where you expect to make a profit by playing the game.
Transcribed Image Text:7. Suppose there is a game where you spend $1.50 to flip N fair coins. If this results in exactly i heads you get i dollars. (a) Find an expression the amount of money you expect to receive from playing this game. Your answer can be written in summation notation. (b) Find the smallest value of N where you expect to make a profit by playing the game.
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