Suppose that you are playing a game with a fake coin that has a probability of Heads to be 1/3. You win $3 if you get a Head and loose $1 if you get a Tail. What would be the expected value? Would you say that you have more chance of a winning than loosing money?

Suppose that you are playing a game with a fake coin that has a probability of Heads to be 1/3. You win $3 if you get a Head and loose $1 if you get a Tail. What would be the expected value? Would you say that you have more chance of a winning than loosing money?

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Suppose that you are playing a game with a fake coin that has a probability of Heads to be 1/3. You win $3 if you get a Head and loose $1 if you get a Tail. What would be the expected value? Would you say that you have more chance of a winning than loosing money?

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