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Suppose that we win $2 if we flip a heads on a coin toss, but lose $1 if we flip tails. What is the expected value, in dollars, of our winnings after one flip?

 Jul 27, 2020
 #1
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Suppose that we win $2 if we flip a heads on a coin toss, but lose $1 if we flip tails. What is the expected value, in dollars, of our winnings after one flip?

 

Expected value = probwin*$2 - problose*$1  =  $0.5  (assuming a fair coin!)

 Jul 27, 2020
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Thx!

Swim2433  Jul 27, 2020

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