Question

A bet 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?

Answer 1

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