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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(2): solution, different result | Comment 4 of 5 |
(In reply to re: solution, different result by Hugo)

good catch, right you are.  It seems I got into a bit of a roll as the (5,5) was in the middle of a bunch that needed to be considered twice so I accidently multiplied it's probability by 2.
  Posted by Daniel on 2013-08-13 14:14:03

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