Coin flip results in one game HHH THTTT THHTHTHTTTT Number of flips Result of the game You win $5 You win $3 You lose $3 3 flips 5 flips 11 flips

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
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Consider a coin flipping game with the following rules. One game play consists of repeatedly flipping an unbiased coin until the difference between the number of heads and tails tossed becomes three. You are required to pay $1 for each flip of the coin. You are not allowed to quit during the play of a game. When the difference between the number of heads and tails tossed becomes three, the game ends and you receive $8. The table below shows three possible game plays and the resulting payoffs. Would you play the game? Is this a winning or a losing game?

 

 

Coin flip results in one game Number of flips
3 flips
5 flips
11 flips
HHH
THTTT
THHTHTHTTTT
Result of the game
You win $5
You win $3
You lose $3
Transcribed Image Text:Coin flip results in one game Number of flips 3 flips 5 flips 11 flips HHH THTTT THHTHTHTTTT Result of the game You win $5 You win $3 You lose $3
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