Ask Question
2 May, 05:10

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

+4
Answers (1)
  1. 2 May, 05:18
    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 the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers