The expected worth of a coin flip are gain of $1/102 or a loss of $112.
Given probability that head lands=1/34 , probability that tails lands is 1/14, amount won if head comes=1/3, amount lost if tails comes=1/8.
We have to find the expected worth of a coin flip.
Probability is the chance of happening an event among all the events possible. The formula of calculating probability is as under:
Probability= number of items/ total items.
Probability that head comes=1/34
Amount get after head comes=$1/3
Expected value if head comes=1/3*1/34=$1/102
Probability that tails come=1/14
Amount that lost when tails come=$1/8
Expected value if tails come=1/14*1/8
=-$1/112
Total expected value of a coin flip=1/102-1/112
=10/11424
=$5/5712
It is in positive because the value we get after coming head is greater than value lost when tails come.
Hence the expected value of flick of a coin is $5/5712.
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