Die game paying a dollar per low roll until it ends
Question
You roll a die repeatedly. A , or earns you $1 and you roll again. A or ends the game and you keep everything earned. A ends the game and you forfeit everything. What is the most you should pay to play?
Short answer
of a dollar. You leave with dollars only if you roll low numbers then a or , probability . So the value is .
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Open the worked solutionLessons behind this question
- Random Variables and Probability Mass Functions
- Counting and Combinatorics
- Expectation, Mean, and Variance
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