A fair coin is flipped three successive times. You receive s1.oo for each head (H) that turns up and an additional so.25 for each two successive heads that appear (hint:HHH includes two sets of HH). However, you give back $1.10 for each tailthat shows up. You have the optionsto either play or not playthe game. Prepare a decision tree for this problem and answer the succeeding questions
1. How much would be your expected winnings/loses if you decide not to playthe game?
2. How much would be your expected winnings/losses if you decide to playthe game?
3. How much do you receive if three heads (HHH) appear in succession?
4. How much do you receive if two heads and one tail (HHT) appear in succession?
5. How much would be your expected winnings/losses if you decideto play the game?
6. Would you playthis game? a. Yes b. No 49. How much do you receive if the sequence ofthe tosses are as follows: (HTH)?