Question

a. (5 points) Let’s assume that over the course of a day you put up a total amount of $1000 in bets. Now, you know that you don’t have perfect strategy, so you decide to split up your time by playing Baccarat, American Roulette, and the slot machines. Let’s assume that you placed 20% of your bets playing Baccarat, 30% of your bets playing American Roulette, and then placed the final 50% of your bets playing the slot machines while seated emotionlessly in the smoky, sad purgatory that is a traditional casino slot machine aisle. At the end of this bleak day, mathematically, how much money should you expect to lose/win? How should this be interpreted? Show all of your work and explain your interpretation.

Answer 1

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