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The classic question of probability Part 2

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Monty would often offer contestants money in exchange for whatever was behind their chosen door. If you knew the prize hidden behind one of the doors to be worth $30,000, how much would Monty have to offer to convince you to abandon your original choice? After Monty revealed a booby prize, how much would he have to offer you to convince you to take the money rather than execute the optimal strategy (stay or switch)? Why?

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Solution Summary

The classic questions of probability are examined.

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In order to really answer this question, we have to make two assumptions:
· First assumption - Monty knows where the grad prize is and has already revealed where it is not.
· Second assumption - based on my answer to DQ 1, there is a good chance ...

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