Question:

A game costs $1 to play where you win $5 when a coin lands

Last updated: 8/12/2022

A game costs $1 to play where you win $5 when a coin lands

A game costs $1 to play where you win $5 when a coin lands on heads but lose $6 when a coin lands on tails. Calculate the expected payoff to the nearest cent, being sure to show all work.