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4vir4ik [10]
3 years ago
12

A bet on "black" in Roulette has a probability of 18/38 of winning. If you win, you double your money. You can bet anywhere from

$1 to $100 on each spin.
a. Suppose you have $10, and are going to play until you go broke or have $20. What is your best strategy for playing? Explain using information you learned in this module's material, such as expected value.


b. Suppose you have $10, and are going to play until you go broke or have $30. What is your best strategy for playing? Explain using information you learned in this module's material, such as expected value.
Mathematics
1 answer:
abruzzese [7]3 years ago
7 0

Answer:

Check the explanation

Step-by-step explanation:

let the money on bet is X.

probability of winning =18/38=9/19

probability of losing =(1-9/19)=10/19

expected outcome =\tiny \sumprobability *return   =(

Expected value of return after one bet is =(9/19*x)-(10/19*x)=-1x/19

it is negative which is obvious cause casinos are there to earn money.

a) Our best strategy in this case as probability of winning is near by 50 %, we should place a bet of 1 $ each,and when we lose one bet consecutively we should bet twice the amount..

Cause two consecutive losses on black has less probability.

c) In case we have to reach 30 $ we have to use the same strategy as above.

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