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How to solve question 3?


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Q3. Suppose that a casino wins $1 or loses $35 on each roulette bet with probabilities
37/38 and 1/38, respectively.
1. What is the expected number of times that the casino would win in 360 bets?
2. What is the expected amount that the casino would win in 360 bets?
3. What is the probability that the casino will exactly break even after 360 bets?
4. What is the probability that the casino would lose after 360 bets?

Top Answer

p ( x = 3 5 0 ) = ( 3 5 0 3 6 0 ... View the full answer

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