Define the optimal value function

Reference no: EM1396909

At each stage one can either pay $1 and receive a coupon that is equally likely to be any of 100 types, or one can stop and receive a final reward of $4j if one's current collection of coupons contains exactly j distinct types. The objective is to maximize the expected net return. Define the optimal value function and give the optimality equation. Find the optimal policy.

Reference no: EM1396909

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