Solution-Employ the strategy of stopping the first time

Employ the strategy of stopping the first time

Reference no: EM131319345

Consider the following game. A fair die is rolled. If the outcome is 4, then the game ends and you win 0. If the outcome is not 4, then you have the option of either stopping the game and receiving an amount equal to that outcome or starting over again. Find your expected return if you employ the strategy of stopping the first time that a value at least as large as 3 appears. (Hint: condition on the first roll.)

Please explain me step by step as to how you get the answer.

Reference no: EM131319345

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Employ the strategy of stopping the first time

Reference no: EM131319345

Reference no: EM131319345

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