Question

a player pays $2 to toss a coin 3 times. He gets $1 if the number...

a player pays $2 to toss a coin 3 times. He gets $1 if the number of tails is 2, and he gets $6 if the number of tails is 3, but nothing otherwise. Let X be his reward based on the number of tails.

1)What is the expected value of X?

2)What is his expected profit per game?

3)what is Var(X)?

Math   Statistics-And-Probability   
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Answer #1

1) E(X) =1.5

2) Expected profit per game is $1

3) Var(X) =0.75

Solution file is attached go through it

Thanks

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