When Septimus Moneybags throws darts at a dart board they are certain
to end on the board (a disc of radius \(a\)) but, it must be admitted,
otherwise are uniformly randomly distributed over the board.
Show that the distance \(R\) that his shot lands from the centre of
the board is a random variable with variance \(a^{2}/18.\)
At a charity fete he can buy \(m\) throws for \(\pounds(12+m)\), but
he must choose \(m\) before he starts to throw. If at least one of
his throws lands with \(a/\sqrt{10}\) of the centre he wins back \(\pounds 12\).
In order to show that a good sport he is, he is determined to play
but, being a careful man, he wishes to choose \(m\) so as to minimise
his expected loss. What values of \(m\) should he choose?
Let \(p = \mathbb{P}(R < \frac{a}{\sqrt{10}}) = \frac{a^2}{10a^2} = \frac{1}{10}\) be the probability of hitting the target on each throw.
His expected loss is \((12+m)p^m + m(1-p^m) = 12p^m + m\).
\begin{array}{c|c}
m & \text{expected loss} \\ \hline
0 & 12 \\
1 & \frac{12}{10} + 1 \approx 2.2 \\
2 & \frac{12}{100} + 2 \approx 2.12 \\
\end{array}
If he takes more than \(2\) throws it will definitely cost more than \(3\), therefore he should take exactly \(2\) throws.