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Probability and an Unfair Coin

label Mathematics
account_circle Unassigned
schedule 0 Hours
account_balance_wallet $5

An unfair coin is flipped 3 times with the outcomes at each step recorded. The probability of getting a heads is 0.6. 

  • Every time the coin is heads, you will earn $1.00
  • Every time the coin is tails, you will pay $1.50

What are your expected net earnings?

Apr 13th, 2015

expected net earnings=(0.6*$1+0.4*$1.5)*3=$3.6 

SO THE EXPECTED EARNING SHOULD BE 3.6 DOLLARS

Apr 13th, 2015

That answer is wrong.. Not one of the choices I am being given. 


Apr 13th, 2015

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Apr 13th, 2015
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Apr 13th, 2015
Sep 24th, 2017
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