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3. Solve using probabilistic dynamic programming: I would like to sell my computer to the highest...

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Advance Math

3. Solve using probabilistic dynamic programming: I would liketo sell my computer to the highest bidder. I have studied themarket, and concluded that I am likely to receive three types ofoffers: an offer of $200 with probability 2/7, and offer of $300with probability 4/7, and an offer of $400 with probability 1/7. Iwill advertise my computer for up to three consecutive days. At theend of each of the three days, I will decide whether or not toaccept the best offer made that day. What is the optimum strategyfor maximizing the expected sale price for my computer? What isthis expected sale price?

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