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Jane Street Interview Question

Jane StreetAssistant Trader Interview

You play a game where you roll a 100-sided die label with the numbers 1-100. You can either get paid the amount rolled in dollars or pay a dollar to roll again. You can always elect to pay another dollar to roll again, until you're finally satisfied with your current roll and get paid out based on that. What's the optimal strategy for this game and what's your expected winnings given this strategy?

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