I wanted to share a cute probability exercise I came up with.
You are given a multiple choice exam. It has twelve questions, and each question has four possible answers labelled (a)-(d).You didn't study for the exam at all, so you might as well just guess the answer to each question. But you do have one important piece of information: the exam was designed so that no three consecutive correct answers have the same label. So if two consecutive correct answers are (c), the next one cannot be (c).
What strategy should adopt to maximize the expected number of questions you answer correctly on the exam, and using this strategy what is the expected number of questions you will answer correctly?
I've posted a continuation of this question here, related to trying to maximize the probability of other "optimal" outcomes.