Supposed a certain game is fair and costs $10 if you lose and has a net...
Supposed a certain game is fair and costs $10 if you lose and
has a net payoff of $9 if you win. The only possible outcomes of
the game are winning and losing.
What is the probability of winning?
Homework Answers
the expected value of a game to be 0.
let the probability of winning is x,then the probability of losing is (1-x);
for the expected value to be 0, we need to have
9x +(-10)(1-x)=0
9x+10x=9
X=9/19
Probability =9/19=0.474
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