Odds of winning
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You are given 9 to 1 odds at tossing 3 heads in a row with three coins; meaning you win $9 if you succeed and lose $1 if you fail.
a) Find the expected value (to you) of the game.
b) If you play one game would you expect to win or lose the game? Explain.
c) What about if you play 100 games?
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Solution Summary
This solution determines the odds of winning in the given scenarios.
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a) Find the expected value (to you) of the game
Expected value = 9*P(HHH) - ...
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