5-E3. You are playing a game based on tossing two coins. If the result is two...
5-E3. You are playing a game based on tossing two coins. If the result is two heads you win $5. If it is two tails your win $1 and if it is mixed you win nothing. It costs $2 to play. Should you play?
Homework Answers
E(X) = 5 * P(Two head) + 1 * P(two tails) - 2
= 5 * (0.5)2 + 1 * (0.5)2 - 2
= -0.5
Since expected value of winning is negative, you will lose game.
You should not play.
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