Mathematics, 29.04.2021 17:50, elisechavez02
You and your friend, Brandon, are fishing in a pond that contains 20 catfish and 20 minnows. Each time one of you catches a fish, you release it back into the water. Brandon offers you the choice of 2 different bets.
Bet 1: If the next 3 fish you catch are all minnows, he will pay you $300 otherwise you will pay him $30
Bet 2: If you catch at least 2 minnows of the next 3 fish that you catch, he will pay you $150 otherwise you will pay him $20
What is your expected return from bet 1? Round your answer to the nearest cent. $
What is your expected return from bet 2? Round your answer to the nearest cent. $
Your friend says he is willing to take both bets a combined total of 50 times. If you want to maximize your expected return, what should you do?
A) Take bet 1 all 50 times.
B) Take bet 2 all 50 times.
C) Take a mix of bet 1 and bet 2.
D) Take neither bet 1 nor bet 2.
Answers: 3
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You and your friend, Brandon, are fishing in a pond that contains 20 catfish and 20 minnows. Each ti...
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