Mark M. answered • 11/27/14
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While the probability of get and head and getting a tail is the same (1/2) the probability of getting a run decreases with each flip.
Flips are independent events - each one does not affect the other. So the probability of the "streak" is the product of the individual probabilities.
For your run of ten flips you beat the odds of 1/210!!
If I were you, I would quit while you are ahead.
Mark M.
The probability of each individual flip is 0.50, in that you are correct. That gets multiplied by the 0.50 for the next flip, and so on, and so on, and so on.
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11/27/14
Ivy C.
So it says that $5.00 is wrong. I even tried $10.00. Thinking it doubles. Thank you.
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11/27/14
Mark M.
Expected value is the sum of the individual expected values:
0.05(1/2) + 0.05(1/2) + .... + for all ten flips. Factoring
1/2( 10 · 0.05 )
1/2 · 5
2.50
Your expected value is $2.50.
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11/27/14
Ivy C.
It said that's wrong. Thank you a bunch, though.
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11/27/14
Mark M.
My arithmetic was off! What about $0.25?
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11/27/14
Ivy C.
Oh yes. Thank you!! Thank you so much!!
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11/27/14
Mark M.
Your are welcome! Thank you for your patience.
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11/27/14
Ivy C.
11/27/14