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Sitting on the Fence (Posted on 2013-08-13) Difficulty: 3 of 5
Ann has a choice of two babysitting payment options:
  1. She can accept a flat rate of $15 for a night's work, or:
  2. She can choose two of six sealed envelopes containing $1, $1, $5, $5, $10 and a $20 bill.
(For example, the second option could leave Ann with as little as $2 or as much as $30 for a night's work.)

Assuming that Ann will have to babysit for a very long period of time, which is the better payment option for her?

No Solution Yet Submitted by K Sengupta    
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Comments: ( Back to comment list | You must be logged in to post comments.)
re: solution, different result | Comment 2 of 5 |
(In reply to solution by Daniel)

While I get the same conclusion (the flat rate is better), I get a different result.


Ann can get the following amounts:

2
6
6
11
21

6
6
11
21

10
15
25

15
25

30

The total of 420$ made in 14 choices averages on 14$.

When looking in Daniels sloution, I believe the probability of (5,5) is (2/6)*(1/5) = 2/30.  This would land him too on 420/30 or 14.

  Posted by Hugo on 2013-08-13 12:39:55
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