Consider a game played by flipping biased coins where the pr

Consider a game played by flipping biased coins where the probability of heads is 0.11. You first choose the number of coins you want to flip. You must pay $0.5 for each coin you choose to flip. You flip all the coins at the same time. You win $550 if one or more coins comes up heads.

How many coins should you flip to maximize your expected profit?
Answer:  (Your answer should be an integer.)
What is your maximum expected profit?
Answer: $

Solution