A game Consists of tossing a fair coin 8 times. The Player wins if he gets 5 or more heads and losses otherwise.
If it costs 10$ to play the game each time, and the payoff for the win is 25$ will you win or lose money if you play this game many times?
I have calculated the probability to win the game in a previous part of this question to be 0.3633
If it costs 10$ to play the game each time, and the payoff for the win is 25$ will you win or lose money if you play this game many times?
I have calculated the probability to win the game in a previous part of this question to be 0.3633