A game is played in which two quarters are tossed. If two heads come up, the...
A game is played in which two quarters are tossed. If two heads come up, the player wins $1. If a head and a tail come up, the player wins $0.50. If two tails come up, the player wins$0.25. If the game is to be fair, how much should a player expect to pay to play the game?
Homework Answers
The sample space for two coins is:
{HH, HT, TH, TT}
Hence,
Expected value of the game
= $1*1/4 + $0.5*2/4 + $0.25*1/4
= $ 0.5625
So,
The player can pay $ 0.56 for this game.
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