What is the most you should be willing to offer brian

Reference no: EM132464522

You and your friend Brian attend a summer fair event where you can compete in a bean bag tossing event. You each get three bean bags and three attempts to toss the ball into a central target. You are better at the game than Brian and your probability of hitting the target is 50% whereas his probability is only 30%.

a) You are confident that you will get more bean bags into the target than Brian. You offer him $2 if he beats your total but he would only have to pay you $1 if you beat his total. In the case of a tie, no one wins. Is this bet in your favor?

b) What is the most you should be willing to offer Brian if he beats your total assuming that he would pay you $1 if you beat his total?

Reference no: EM132464522

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