Guess the number of 'heads' out of 10 coin tosses, and you can keep this. |
Let me take you through a thought-experiment to show you this.
"I'm going to toss a coin 10 times. And to make it interesting, let me put this pineapple (Australian $50 note) on the table and make you this offer:
"If you guess the exact number of heads in the next ten coin tosses that I make, I will give you the $50. If you don't guess it exactly, I get to keep my $50. Are you willing?"So assuming that you see that participating in this gamble is a "no-brainer", you say:
"Yes, sure."So what number of coin tosses will be heads? Make your guess now.