Question

Outcome Payout HHH $10 HHT $3 HTH $0 HTT -$3 TTT $10 THH -$3 THT $0 TTH $0 Kara is playing a game where she flips a coin 3 times. She wins and loses different amounts of money based on the outcomes. What is the EXPECTED VALUE for the game?

Answer 1

Expected value is the sum of the probability of each even times the outcome of the event.

So she wins $10 with probability 2/8, $3 with probability 1/8, $0 with probability 3/8, and loses $3 with probability 2/8.

So,

E = 10(2/8) + 3(1/8) + 0(3/8) - 3(2/8)
=5/4 + 3/8 - 3/4
=7/4

= $1.75

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