What is probability that you will accept highest valued card

Reference no: EM13903213

Suppose that distinct integer values are written on each of 3 cards. Suppose you are to be offered these cards in a random order. When you are offered a card you must immediately either accept it or reject it. If you accept a card, the process ends. If you reject a card, then the next card (if a card remains) is offered. If you reject the first two cards offered, then you must accept the final card.

(a) If you plan to accept the first card offered, what is the probability that you will accept the highest valued card?

(b) If you plan to reject the first card offered, and to then accept the second card if and only if its value is greater than the value of the first card, what is the probability that you will accept the highest valued card?

Reference no: EM13903213

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