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A player tosses a coin having the probability 2/5 of coming up heads. The game terminates when the player tosses a tail. If the first
A player tosses a coin having the probability 2/5 of coming up heads. The game terminates when the player tosses a tail. If the first toss is a tail the player wins nothing. Otherwise, the player wins 2n1 dollars if n successive heads have been tossed. Let X denote the total number of dollars won in any particular game. Calculate E(X). How much should you be willing to pay to play the game?
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