You are given 3 to 1 odds against tossing three heads with
three coins, meaning you win $3 if you succeed and you lose $1
if you fail. Find the expected value (to you) of the game. Would
you expect to win or lose money in 1 game? In 100 games?
Explain.
Find the expected value (to you) for the game. _______
(Type an integer or a decimal rounded to the nearest hundredth as
needed.)
Would you expect to win or lose money in 1 game?
A. I would expect neither because the outcome of one game cannot be
predicted.
B. I would expect to win, because the expected value is
positive.
C. I would expect to win, because the probability of winning a
game is greater than the probability of losing.
D. I would expect to lose, because the expected value is
negative.
Would you expect to win or lose money in 100 games?
A. I would expect to win, because the probability of winning a game
is greater than the probability of loosing.
B. I would expect to win, because the expected value is
positive.
C. I would expect to lose, because the expected value is
negative.
D. I would expect to lose, because the probability of losing a game
is greater than the probability of winning.