In a game, A gives B three well-balanced quarters to flip. B will get to keep all
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Question:
In a game, A gives B three well-balanced quarters to flip. B will get to keep all the ones that land heads and will returnthose landing tails. However, if all three coins land tails,B must pay A $2.
A) Find the expected value and the variance ofB’s net gain.
B) Interpret the answers obtained in A)
I know that if you get:
0 heads à Lose 2$
1 head -> Win $0.25
2 heads -> Win $0.50
3 heads -> Win $0.75
How do you figure out the rest? Thanks for theassistance.
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