Why does HT come faster than HH?
Asked at IMC, Jane Street
You flip a fair coin repeatedly and wait for a two-flip pattern to appear.
What is the expected number of flips to first see the pattern HT (heads then tails), and how does it compare to HH (heads then heads)? Explain the difference.
Your answer
This one is open-ended. Work it through, then check your reasoning against the full solution.