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Many everyday decisions, like who will drive to lunch or who will pay for the coffee, are made by the toss of a (presumably
Many everyday decisions, like who will drive to lunch or who will pay for the coffee, are made by the toss of a (presumably fair) coin and using the criterion "heads, you will; tails, I will," This criterion is not quite fair, however, if the coin is blased (perhaps due to slightly irregular construction or wear). John von Neumann suggested a way to make perfectly fair decisions, even with a possibly biased coin. If a coin, biased so that P(h) 0.5400 and P(t) 0.4600, is tossed twice, find the probability P(th). The probability P(th) (Type an integer or decimal rounded to four decimal places as needed.)
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