Give a polynomial-time algorithm that finds $\lceil\frac{V}{2}\rceil$ vertices that collectively account for at least $\frac{3}{4}$ of the edges in an arbitrary undirected graph.
The algorithm I have come up with is a greedy algorithm that iterates through the graph choosing the node with the largest number of incident edges and then updating the adjacent vertices with their new incident edge count.
I am fairly confident this algorithm will work, however I am struggling with the proof that I will always account $\frac{3}{4}$ of the edges.
What I have so far is that because the sum of the degrees of all the edges in the graph is equal to $2E$ then on average every node will contribute at least a degree of $\frac{2E}{n}$ to that summation. $\frac{2E}{n}\times\frac{n}{2}$ vertices provides me with just $E$. Is this correct or am I missing something?
Your reasoning is incorrect because when you select a vertex you remove it and its incident edges in which case the total number of edges decreases. If you stick to the original edges then you would be double-counting some of the edges since two vertices may cover the same edge, so you would get a lower bound of $\frac{1}{2}E$, which isn't good enough.
But if you keep track of the number of edges $E$, at step 1 it decreases by a factor of at least $\frac{2}{n}$ because the highest degree is at least $\frac{2E}{n}$, and at step 2 it decreases by a factor of $\frac{2}{n-1}$ for exactly the same reason. So $E$ is multiplied by at most $\frac{n-2}{n}$ and then $\frac{n-3}{n-1}$ and then ... After $\frac{1}{2}n$ steps (for even $n$; you can check that it's looser for odd $n$) $E$ would have been multiplied by at most $\frac{ (\frac{1}{2}n) (\frac{1}{2}n-1) } { n (n-1) }$, which would give the bound you want, and $\frac{3}{4}n$ is an asymptotically tight cutoff ratio because it is asymptotically achieved by the complete graph.