Consider a random experiment of throwing three perfectlybalanced and identical c

Question

Consider a random experiment of throwing three perfectlybalanced and identical coins. Suppose that for each toss thatcomes up heads we win $2, but for each toss that comes up tails welose $2. Clearly, a quantity of interest in this situation is ourtotal wining. Let X denote this quantity. a) what are the values that the random variable X takes? b) Find P(X=2) c) Find P(X=3) d) Find P(X=4) e) Find P(X=0) f) Find P(X=-4) Consider a random experiment of throwing three perfectlybalanced and identical coins. Suppose that for each toss thatcomes up heads we win $2, but for each toss that comes up tails welose $2. Clearly, a quantity of interest in this situation is ourtotal wining. Let X denote this quantity. a) what are the values that the random variable X takes? b) Find P(X=2) c) Find P(X=3) d) Find P(X=4) e) Find P(X=0) f) Find P(X=-4) Consider a random experiment of throwing three perfectlybalanced and identical coins. Suppose that for each toss thatcomes up heads we win $2, but for each toss that comes up tails welose $2. Clearly, a quantity of interest in this situation is ourtotal wining. Let X denote this quantity. a) what are the values that the random variable X takes? b) Find P(X=2) c) Find P(X=3) d) Find P(X=4) e) Find P(X=0) f) Find P(X=-4)

Explanation / Answer

a) The random variable X can take on the values: -$6, -$2, +$2,+$6 b) X cannot equal $1 therefore P(X=1) = 0

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