Please complete the system of equations.
1 answer:
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Answer:
The casino should charge for this game at least $1 to break even.
Step-by-step explanation:
We can define the prize function as
where M is the prize money and n is the number of tails in continous flips.
The probability of n consecutive tails can be calculated as . The probaility of getting a head after the n consecutive tails is
, so the probability of having n consecutive tails and a head is
Then we can calculate the expected value of M as
The expected money prize for this game is $1, so the casino should charge to play at least $1 to break even.