You pay $1 each time you play the following game.
Flip two fair coins. If they both land heads up, you win 50¢. If they land mixed, one head up and one tail up, you get 75¢. If they both land tails up, you get $3.
A) Find the expected value of the game.
B) What does your result in part A mean if you play the game many, many times?

Question

Quizplus · Accepted Answer

The Answer of You pay $1 each time you play the following game.
Flip two fair coins. If they both land heads up, you win 50¢. If they land mixed, one head up and one tail up, you get 75¢. If they both land tails up, you get $3.
A) Find the expected value of the game.
B) What does your result in part A mean if you play the game many, many times?

You Pay $1 Each Time You Play the Following Game