Today’s Question - Kevin is a big West Point sports fan. He is invited into an informal fraternity of Army fans. To pass the initiation, he must pass the "Black and Gold" test. He is presented with three cloth bags, each is marked "Black"; "Gold" and "Either". One bag contains only black coins, one only gold coins and the third bag has both. He is told all the bags are incorrectly marked. Assuming he cannot see beyond the coin he chooses - what is the fewest number of choices he must make to re-label the bags correctly? Cashin’s Comments January 6, 2016 Page 3 of 3

Reveal Answer Answer - Kevin should go directly to the "Either" bag. Since it\'s labeled incorrectly, it must be all black or all gold. Assume he finds a gold coin. Now he must swap the Either label with the "Gold" label. What about the other bag? Since it could not have been labeled correctly and we now know "Gold" is correct. Thus he should swap the Either label with the Black. (We hope he gets seats on the 50 yard line.)

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