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Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742

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BuyFindarrow_forward

Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742
Textbook Problem

SKILLS

3-12 ■ Expected Value of a Game Find the expected value (or expectation) of the games described.

Tim wins $ 3 if a coin toss shows heads or $ 2 if it shows tails.

To determine

The expected value of the game.

Explanation

Approach:

The expected value is given as,

E=a1p1+a2p2++anpn ……(1)

Here, a1,a2,,an is the amount of payout and p1,p2,,pn is the probability of payout.

Given:

Tim wins $3 if a coin toss shows heads or $2 if it shows tails.

Calculation:

Since the probability of the coin shows the head is 12 and the probability of the coin shows the tail is 12.

Calculate the expected value of the game

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Chapter 14 Solutions

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