What is the probability of getting 3 heads in a row? Would it be 1/8?

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Why do you think it would be 1/8? –  Joseph Weissman Dec 2 '10 at 20:16

If you are assuming 3 coin tosses of a fair coin, then there are $2\times 2\times 2=8$ outcomes. Three consective heads can occur only one way. So, yes, the probability is $\frac{1}{8}$
Tossing one coin three times is essentially the same as tossing 3 coins. By your way of thinking, you can think the probability at each stage is $\frac{1}{2}$ and probability of the compound event is the product of probability of independent events, so it's $\frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2} =\frac{1}{8}$ –  Timothy Wagner Dec 2 '10 at 19:43