A coin is tossed 7 times. You bet $1 that heads will come up on all seven tosses. If this happens, you win $100. Otherwise, you lose your $1 bet. Find: expected winnings?
Added by Heather G.
Step 1
The probability of getting heads on a single toss is 1/2. Since the tosses are independent, the probability of getting heads on all seven tosses is (1/2)^7. Show more…
Show all steps
Close
Your feedback will help us improve your experience
Ivan Kochetkov and 91 other Intro Stats / AP Statistics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
A coin is tossed 7 times. You bet $1 that heads will come up on all seven tosses. If this happens, you win $100. Otherwise, you lose your $1 bet. Find: P(you win) = P(you lose) = Expected winnings =
Ivan K.
On each bet, a gambler loses 1 with probability $.7$, loses 2 with probability .2, or wins 10 with probability .1. Approximate the probability that the gambler will be losing after his first 100 bets.
Limit Theorems
Self-Test Problems And Exercises
Christopher D.
Recommended Textbooks
Elementary Statistics a Step by Step Approach
The Practice of Statistics for AP
Introductory Statistics
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD