least squares method to solve a coin problem
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I do a fair flip of a fair coin until I get heads for the first time. If I get heads for the first time on the nth throw, Sally pays me 2^n dollars. How much does she pay me on average? Solve by simulation (least squares)
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Solution Summary
Least squares method is discussed. The expert determines how much she pays on average using a simulation to solve the problem.
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question:
I do a fair flip of a fair coin until I get heads for the first time. If I get heads for the first time on the nth throw, Sally pays me 2^n dollars. How much does she pay me on average? Solve by simulation (least squares)
Solution:
Let's assume we are going to do this experiment N times. We use rand() function to generate random numbers and use ...
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