I have 50 dollars and i'm gambling on a series of coin flips. what's the probaility that i will run out of money
2 answers:
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Answer: 63%
Step-by-step explanation:
<u>First step</u>
Find the 10th year rate of loss that will make the average of loss over the 10 years to equal 38.0%.
Assume this rate is x;
x = 37%
<u>Second step - Survival rate</u>
The survival rate is calculated by;
= 1 - rate of loss
= 1 - 37%
= 63%