In a game you are offered the chance to toss a fair coin until a tail appears.
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In a game you are offered the chance to toss a fair coin until a ‘tail’ appears. If a tail appears on the first toss you win £2. If the first tail appears on the second toss you win £4. If the first tail appears on the third toss you win £8. How much should you be willing to pay to participate in the game if you intend to quit after the third toss, win or lose?
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To determine how much you should be willing to pay to participate in the game you need to calculate ...View the full answer
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