An unfair coin is flipped 3 times with the outcomes at each step recorded. The probability of getting a heads is 0.6.
What are your expected net earnings?
expected net earnings=(0.6*$1+0.4*$1.5)*3=$3.6
SO THE EXPECTED EARNING SHOULD BE 3.6 DOLLARS
That answer is wrong.. Not one of the choices I am being given.
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