(10 points) We're going to play a game. The player is allowed to flip a fair coin repeatedly, and decide after each flip

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10 Points We Re Going To Play A Game The Player Is Allowed To Flip A Fair Coin Repeatedly And Decide After Each Flip 1 (190.59 KiB) Viewed 22 times

(10 points) We're going to play a game. The player is allowed to flip a fair coin repeatedly, and decide after each flip whether to stop. When the player stops, if they have so far flipped k heads in n flips, they are paid k/n dollars. (If the player flips H on the first try and stops, their payout is 1/1 $1 or if the player flips T,H,T and then stops, their payout is 1/3 = $0.33). What is the the best strategy and the Approximate Payout? Hint: "The idea that the payout, will "eventually be 50% or close to it"