Find best strategy gives the largest expected value

Reference no: EM13126418

Toss a pair of dice. if either die is a "one", you lose all your money. If not, you win the amount that equals the sum of the faces. This is added to your total. After any toss, you may quit or you may continue. What is the "best strategy" ie gives the largest expected value? Is it "one toss", "two tosses", "three tosses", ....etc Justify your answer by showing all steps in reaching your conclusion.

Reference no: EM13126418

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