Why could it be dangerous to try to “keep up with the Jones” help me out plsss
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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 =probability *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.