Trading Associate Interview Questions

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You have 4 coins. You toss them all at the same time. You get as many dollars as there are heads (e.g 3 dollars for 3 heads). If you are not satisfied with your first result, you can do the toss again but then you have to accept whatever prize money you get. What would the expectation value be?
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Trading Internship

Interviewed at Jane Street

4.4
Jan 20, 2016

You have 4 coins. You toss them all at the same time. You get as many dollars as there are heads (e.g 3 dollars for 3 heads). If you are not satisfied with your first result, you can do the toss again but then you have to accept whatever prize money you get. What would the expectation value be?

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