# Question Solved1 AnswerYou and a friend play a game where you each toss a balanced coin. If the upper faces on the coins are both tails, you win \$7; if the faces are both heads, you win \$6; if the coins do not match (one shows a head, the other a tail), you lose \$3 (win (-\$3)). Calculate the mean and variance of y, your winnings on a single play of the game. Note that E(Y) > 0. EY) = V(Y) = How much should you pay to play this game if your net winnings, the difference between the payoff and cost of playing, are to have mean 0?  Transcribed Image Text: You and a friend play a game where you each toss a balanced coin. If the upper faces on the coins are both tails, you win \$7; if the faces are both heads, you win \$6; if the coins do not match (one shows a head, the other a tail), you lose \$3 (win (-\$3)). Calculate the mean and variance of y, your winnings on a single play of the game. Note that E(Y) > 0. EY) = V(Y) = How much should you pay to play this game if your net winnings, the difference between the payoff and cost of playing, are to have mean 0?
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Transcribed Image Text: You and a friend play a game where you each toss a balanced coin. If the upper faces on the coins are both tails, you win \$7; if the faces are both heads, you win \$6; if the coins do not match (one shows a head, the other a tail), you lose \$3 (win (-\$3)). Calculate the mean and variance of y, your winnings on a single play of the game. Note that E(Y) > 0. EY) = V(Y) = How much should you pay to play this game if your net winnings, the difference between the payoff and cost of playing, are to have mean 0?    