top button
Flag Notify
    Connect to us
      Site Registration

Site Registration

How many coins would you have to pay in order to have the greatest expected loss?

0 votes
137 views

An evil salesman has offered you a magic stone. You don't know the value of this stone right now—the only thing you know is that it is worth between 1 and 10 coins inclusive—only integer values permitted—and that the probability that the stone is worth x is x/55.
​You have to pay the salesman between 1 to 10 coins, after which the salesman tells you the actual value of the stone. If the number of coins you give is greater than or equal to the value of the stone, you get the stone; if not, you don't get it. In either case, no change is given.

For example, if you pay the salesman 9 coins and the stone is worth 7 coins, you will receive the stone and have a net loss of 2 coins. However, if you pay the salesman 5 coins, you will not receive the stone and your net loss is 5 coins.

You know that paying only one coin will ensure the least expected loss, but how many coins would you have to pay in order to have the greatest expected loss?

posted Nov 8, 2019 by Puneet Batra

Looking for solution? Promote on:
Facebook Share Button Twitter Share Button LinkedIn Share Button




Similar Puzzles
+1 vote
You are going to flip 8 fair coins and 3 of first four have already landed tails. What is expected total count of tails

You are going to flip 8 fair coins in total and three of the first four have already landed tails. What do you expect the total count of tails to be when you're finished flipping all 8 coins?

0 votes
How many gold coins do you have left for the rest of your journey ?

You're given 50 gold coins before your big journey,
but you decide to leave 25 of them at home before leaving.
On the first day you spend 20% the gold you brought on food and
you give 10 of the remaining coins to a beggar who has nothing.
The king now claims 20% of all gold in the country,
which everyone pays in person instantly.
the next day the beggar, who didn't buy a thing,
gives you all his gold back,
because he felt guilty for taking it.

How many gold coins do you have
left for the rest of your journey ?

0 votes
Using 1, 2, 3, 4 & 5 in any order and the operators + - % * each exactly once what is the greatest possible value?

Using 1, 2, 3, 4 & 5 in any order and the operators + - % * each exactly once what is the greatest possible value that you can make?

+5 votes
How much cancellation fee will Mr. Tom pay and what will be the new order value?

Mr. Tom purchased 3 x GPS Cat Collar from Firestorm.com store. The total item value of his order is $146.85 and the shipping charge is $4.95 (Shipping charges are only refundable when customer cancels the full order). Total order value $151.80. After the purchase, Mr. Tom had a change of mind and informed you via email support portal that now he only wants 1-piece GPS Cat Collar. According to Firestorm Store’s Refunds & Returns policy, to cancel an item customer will be charged 25% of its canceled item value as a cancellation fee.
How much cancellation fee will Mr. Tom pay and what will be the new order value? How much money will be refunded to Mr. Tom’s account?

...