+0  
 
0
2529
1
avatar+1831 

A certain coin is weighted such that the chance of flipping heads is $\frac{1}{3}$ and the chance of flipping tails is $\frac{2}{3}$. Suppose that we win $\$3$ if we flip a heads on a coin toss, but lose $\$2$ if we flip tails. What is the expected value, in dollars, of our winnings after one flip? Express your answer as a common fraction.

 Apr 25, 2015

Best Answer 

 #1
avatar+33586 
+10

Expected value = probability of heads*$3  +  probability of tails*(-$2)  

 

so expected value = (1/3)*3 - (2/3)*2 = 1 - 4/3 = -1/3

 

You would expect to lose one third of a dollar

 Apr 25, 2015
 #1
avatar+33586 
+10
Best Answer

Expected value = probability of heads*$3  +  probability of tails*(-$2)  

 

so expected value = (1/3)*3 - (2/3)*2 = 1 - 4/3 = -1/3

 

You would expect to lose one third of a dollar

Alan Apr 25, 2015

1 Online Users