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Fair game problem
Here is a extra credit problem for my stats class that I am struggling with. Any help? A fair game is when the EV of either bet is 0.
Jay and Ted decide toss a fair coin until either five consecutive heads or two consecutive tails appears. If two consecutive tails appears first Jay has agreed to pay Ted $15.00. How much should Ted agree to pay Jay if five consecutive heads appears first in order for this to be a fair game? SGS |
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