“For a $5 entry fee, you are given a basketball and one of two options:
1. One Shot to Score
2. Two out of Three Shots to Score
If you succeed, you are given $20.”
As you have been practicing hard over the school holidays, you decide to pay the $5 entry fee to play this game. According to your mom, you are the next Michael Jordan. And whilst she does exaggerate (sometimes), you estimate that you make 6 out of every 10 shots.
And thus after paying, the fun fair man asks you
“Which option would you like, sir / madam?”