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26-07-2017
Mathematics

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A game involves tossing a biased coin that has a 60% probability of landing on heads. If a player wins $50 when heads appears, what is the expected value of a player's winnings?

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26-07-2017

Probability of winning = 0.6 , Probability losing = 1-0.6 = 0.4

Expected value = 50(0.6) - 1(0.4) = $29.6

The interpreation of this is that if you play many times you would expect a profit of $29.6.

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