Question

You play 10 consecutive games of chance. In one single game, you win 100 dollars with...

You play 10 consecutive games of chance. In one single game, you win 100 dollars with probability 0.6, otherwise, you lose 150 dollars with probability 0.4. Assume that the outcomes of these 10 games are independent.

a) Find the probability that you will win at least 500 dollars in these 10 games.

b) Find your expected gain in these 10 games. (Hint: Write the gain as a function of the number of games in which you won.)

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Answer #1

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