Question

You are given 3 to 2 odds against tossing three heads with three? coins, meaning you win ?$3 if you succeed and you lose ?$2 if you fail. Find the expected value? (to you) of the game. Would you expect to win or lose money in 1? game? In 100? games? Explain.

Answer #1

^{3} = 1/8;

So, expected value of the game = P(success) * Value of success +
P(Failure) * Value of failure

= 1/8 * 3 + (1-1/8) * (-2) = 3/8 + 7/8 (-2) = 3/8 - 14/8 =
-11/8;

Thus, the expected value of the game is negative i.e. =
-1.38$

Thus, it is expected that money will be lost in 1 game equivalent
to 1.38$;

In a 100 games too, this expected loss of money will further
increase and will become 100*1.38 = 137.5$;

You are given 5 to 2 odds against tossing three heads with
three coins, meaning you win $5 if you succeed and you lose $2
if you fail. Find the expected value (to you) of the game. Would
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Find the expected value (to you) for the game.

you are given 4 to 1 odds against three heads with three coins ,
meaning you win $4 if you succeed and you lose $1 if you fail. find
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I understand the formula for finding the expected value . what i
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regarding where it gets
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$ (prize)
$(profit)
x = # of
heads
P(x)
$1
$3
0
0.03125
$ 1
$3
1
0.15625
$1
$ 1
2
0.31250
$1
$1
3
0.31250
$ 1
$0
4
0.15625
$ 1
$0
5
0.03125
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