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Statistics - Probability

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A game is fair if the expected value of the game is 0. For example, consider the following wager in which you toss a fair coin and win $1 if heads appears and lose $1 if tails appears. The EMV = 0.50*1 + 0.5*(-1) = 0. Now,consider the following wager where you are given a fair coin which you toss twice. If two heads appear, you win $3.00. Otherwise, you lose $1.00. Is this game fair? Explain your answer.

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Solution Summary

The probability in coin toss statistics is examined. Step-wise solution is provided.

Solution Preview

There are 4 outcomes when a coin is tossed twice: {hh, ht, th, tt}

Probability that 2 heads, that ...

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