In a game. a child will win Rs 5 if he gets all heads or all tails when three coins are tossed simultaneously and he will lose Rs 3 for all other cases. The expected amount to lose in the game is
- Rs. 0
- Rs. 0.8
- Rs. 1
- Rs. 2
The Correct Option is C
Solution and Explanation
Assume that \(X\) is the amount received by the person.
Thereafter, \(X\) can represent values \(5\) and \(-3\) in a way that
Probability of receiving all heads or all tails when three coins are tossed = \(P( X = 5)\)
\(P( X = 5) = 82 = 41\)
Probability of receiving one or two heads = \(P( X = - 3)\)
\(P(X = -3) = 86 = 43\)
Hence, per game expected amount is :
=\(X= ∑pixi = 5×41+(−3)×43 =−1\)
So, the child , on average, would lose Rs. 1 per toss of the coins.
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Concepts Used:
Probability
Probability is defined as the extent to which an event is likely to happen. It is measured by the ratio of the favorable outcome to the total number of possible outcomes.
The definitions of some important terms related to probability are given below:
Sample space
The set of possible results or outcomes in a trial is referred to as the sample space. For instance, when we flip a coin, the possible outcomes are heads or tails. On the other hand, when we roll a single die, the possible outcomes are 1, 2, 3, 4, 5, 6.
Sample point
In a sample space, a sample point is one of the possible results. For instance, when using a deck of cards, as an outcome, a sample point would be the ace of spades or the queen of hearts.
Experiment
When the results of a series of actions are always uncertain, this is referred to as a trial or an experiment. For Instance, choosing a card from a deck, tossing a coin, or rolling a die, the results are uncertain.
Event
An event is a single outcome that happens as a result of a trial or experiment. For instance, getting a three on a die or an eight of clubs when selecting a card from a deck are happenings of certain events.
Outcome
A possible outcome of a trial or experiment is referred to as a result of an outcome. For instance, tossing a coin could result in heads or tails. Here the possible outcomes are heads or tails. While the possible outcomes of dice thrown are 1, 2, 3, 4, 5, or 6.