A person pays $1 to play the following game: The person tosses a fair coin four times
Chapter 9, Problem 21(choose chapter or problem)
A person pays $1 to play the following game: The person tosses a fair coin four times. If no heads occur, the person pays an additional $2, if one head occurs, the person pays an additional $1, if two heads occur, the person just loses the initial dollar, if three heads occur, the person wins $3, and if four heads occur, the person wins $4. What is the persons expected gain or loss?
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