Activities
Probability distributions - game for school fair
The following coin game is proposed
for the school fair.
|
Cost per game $2. Flip a coin until heads appears. A maximum of 4 flips is allowed. Heads on 1st flip - win $1. Heads on 2nd flip - win $2. Heads on 3rd flip - win $3. Heads on 4th flip - win $4. No heads - win nothing! |
Let $W be the winnings in a game. W takes the values 0,1,2,3,4.
Find the probability distribution for W.
If you played the game 100 times, what would be your expected total winnings?
Is this game worth playing at a cost of $2?
Create a similar game but provide a pay out only when two heads are achieved.
What would be a reasonable cost to
charge for your game?