You are offered to play the following game: You flip a fair coin repeatedly until the first heads appears. If the first heads appears on the th flip, you receive a payout of . What is the fair value of this game? If the answer is infinite, report .
You are offered to play the following game: You flip a fair coin repeatedly until the first heads appears. If the first heads appears on the th flip, you receive a payout of . What is the fair value of this game? If the answer is infinite, report .
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