Question

A man is playing roulette and is playing bets on the red color. Assume that the...

A man is playing roulette and is playing bets on the red color. Assume that the roulette has half of its numbers red and the other black. The man will place a $10 bet on red. If he loses, he puts $30 again on red. If he loses again, he places $90 and so on. Every time he loses he triples the amount and bet on red again. If he wins he stops. What is the probability he will lose more than a $1,000?

Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A gambler bets repeatedly $1 on red at the roulette (there are 18 red slots and...
A gambler bets repeatedly $1 on red at the roulette (there are 18 red slots and 38 slots in all). He wins $1 if red comes up loses $1 otherwise. What is the probability that he will be ahead. (a) After 100 bets? (b) After 1,000 bets?
Consider the casino game of Roulette where players place $1 bets on color (either red or...
Consider the casino game of Roulette where players place $1 bets on color (either red or black). The probability of winning a single bet is 18/38, slightly in the casino’s favor. a. For 1000 such bets, the expected gain for the casino is $52.63, the standard deviation is $31.58, and the distribution of possible gains is approximately normal. Find the probability that the casino makes money overall after 1000 bets. b. For 5000 such bets, the expected gain for the...
A person has $32. The person decides to play roulette. She always bets on Red. (To...
A person has $32. The person decides to play roulette. She always bets on Red. (To simplify the problem assume that P(Red) = .5) a) Let X be the random variable for the amount that she makes if she bets $8 on each roll and does this for four rolls. What is the probability function for X? What is E(X)? b) Let Y be the amount that she makes if she follows the following strategy. She bets $1 on roll...
A roulette wheel has 38 numbers. Eighteen of the numbers are black, eighteen are red, and...
A roulette wheel has 38 numbers. Eighteen of the numbers are black, eighteen are red, and two are green. When the wheel is spun, the ball is equally likely to land on any of the 38 numbers. Each spin of the wheel is independent of all other spins of the wheel. One roulette bet is a bet on black—that the ball will stop on one of the black numbers. The payoff for winning a bet on black is $2 for...
The game of roulette involves spinning a wheel with 38 slots: 18 red, 18 black, and...
The game of roulette involves spinning a wheel with 38 slots: 18 red, 18 black, and 2 green. A ball is spun onto the wheel and will eventually land in a slot, where each slot has an equal chance of capturing the ball. One popular bet is that it will stop on a red slot; such a bet has an 18/38 chance of winning. Suppose a gambler bets on red in 6 different spins. a) Find the probability the gambler...
Suppose that, over the course of several days, a gambler makes 2400 row bets in roulette,...
Suppose that, over the course of several days, a gambler makes 2400 row bets in roulette, betting $1 each time. For a row bet, the gambler selects a row of 3 spaces out of the 38 possible spaces on a roulette table. If the gambler wins on one play, the gambler get his/her dollar back plus eleven more, for a net gain of $11. However, if the gambler loses, he/she loses $1. Find the probability that, after making these 2400...
A gambler who has initial capital $20 playing roulette makes a series of one dollar bets....
A gambler who has initial capital $20 playing roulette makes a series of one dollar bets. He has a probability 3/5 of winning and 2/5 of losing each bet. The gambler decides to quit playing as soon as his fortune reaches $35 or reaches $7. Find the probability that when he quits playing he will have won $25
In one version of​ roulette, a wheel has 18 black​ slots, 18 red slots and 2...
In one version of​ roulette, a wheel has 18 black​ slots, 18 red slots and 2 green slots. All slots are the same size. A player can place a bet on either red or black. Green is reserved for the house. If a player places a bet of​ $5 on either red or black and that color comes​ up, they win​ $10. Otherwise, the casino takes the​ player's $5. What is the expected value of playing the game​ once?
An American roulette wheel contains 38 numbers: 18 are red, 18 are black, and 2 are...
An American roulette wheel contains 38 numbers: 18 are red, 18 are black, and 2 are green. When the roulette wheel is spun, the ball is equally likely to land on any of the 38 numbers. Suppose that you bet $1 on red. If the ball lands on a red number, you win $1; otherwise you lose your $1. Let X be the amount you win on your $1 bet. Determine the probability distribution of the random variable X .
You go to the casino and play roulette. You decide to place bets that the ball...
You go to the casino and play roulette. You decide to place bets that the ball will land on the number 18. On a roulette wheel there are the numbers 1-36 and 00. Thus, the likelihood that you win any one spin is 1 in 38. You decide to play 20 times, thus you are in binomial land and the potential ersults of your gambling will be drawn from a binomial distribution B(20,1/38). What is the probability that you win:...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT