Question4: A game consists of tossing two coins, first a dime and then a nickel.

Question

Question4: A game consists of tossing two coins, first a dime and then a nickel. For each coin which comes up a head you win the value of the coin. For each coin which comes up a tail you get nothing 1) List the possible outcomes, in terms of heads and tails, and give the probability and your winnings for each outcome. (H,T - each outsome has probability .5- winnings are 5 and 0 (HH,HT,TH,TT): each outcome with probability .25-winnings are 10,5,5,0 [HH,HT,TH,TT each outcome with probability .25 - winnings are 15,5,10,0 [HH,HT,TH,TT each outcome with probability .25 - winnings are 15,10,5,0 Tries 0/2 2) Find the mean or expected winnings. 2.5 7.5 10 Tries 0/2 3) Find the standard deviation 31.25 37.5 6.12 5.59 Tries 0/2 4) If you had to pay a dime to play the game, what would be the mean of your winnings? 7.5 -5 -2.5 0 2.5 7.5 10 Tries 0/2 5) If you had to pay a dime to play the game, what would be the standard deviation of your winnings? 5.59 6.12 31.25 37.5 Tries 0/2

Explanation / Answer

If two coins are tossed, first a dime and a nickel with equal chance of winning and gain of 5 if Head occurs and 0 if Tail occurs. This case answers of given multiple choice questions are as follows:

Because option 1 corresponds to tossing of single coin.

Option 3 and 4 are not consistent with gain policy.

Because Expected winning = 0.25(10+5+50) = 5

Therefore none of the answer in the given choices is correct.

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