There are two parts to this question: 11.9.1 Suppose someone offers you the following bet – they will toss a coin and if it comes down heads they will pay you £1,000 but if it comes down tails you...

There are two parts to this question:

11.9.1 Suppose someone offers you the following bet – they will toss a coin and if it comes down heads they will pay you £1,000 but if it comes down tails you will have to pay them £100 (and this will be done only once). Should you take the bet – assuming it is a standard coin, that you can afford to lose £100, would like to win £1,000 and are not opposed in principle to gambling?

11.9.2 With the same scenario as 11.9.1, what should you do if they agree to do it fi ve times?