In a game you are offered the chance to toss a fair coin until a ‘tail’ appears. If a tail appears on the first toss you win £2. If the first tail appears on the second toss you win £4. If the first...

In a game you are offered the chance to toss a fair coin until a ‘tail’ appears. If a tail appears on the first toss you win £2. If the first tail appears on the second toss you win £4. If the first tail appears on the third toss you win £8. How much should you be willing to pay to participate in the game if you intend to quit after the third toss, win or lose?