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You are given a 10-question multiple choice quiz. Each question has 4 answer choices. You forgot to study the night before and you slept through class when this material was taught, so you must blindly guess at the questions. How many questions sho
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You pay to play a game called “Three Tails”. Three coins are flipped. If all three of them turn up tails, you win $7. Otherwise you lose. What price should you pay in order to make this a fair game?
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A box has five $20 bills, four $5 bills, and one $100 bill. You can pick one bill from the box. You must pay $15 to play. Should you play?
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Yes, because the expected value is positive
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