Step-by-step explanation:
- To find the E(X) expected value, you come up with the different probabilities for each outcome
- your set of outcomes after 3 tosses would be = {HHH, HHT, HTH, THH, HTT, THT, TTH, TTT} where H is heads and T is tails
- Each element has a probability of 1/8 so let x represent number of tails
- The E(x)=Summation (x times P(x))
- Now which probability is 1.5 tails? None, so it is either 2 tails or 1 tails
- So you can expect to lose money in 1 game
- But as you play more games the probability of getting 3 tails becomes more and more likely, so you can expect to win in a 100 games