Question
In each hand of Blackjack, Megan wins $2 with probability 0.1, or wins $1 with probability 0.3, or loses $1 with probability 0.6. Suppose Megan continues to play 100 hands of Blackjack, and assume the outcomes of all plays are independent.
(a) Compute the expected payoff after 100 plays. (b) Approximate the probability that Megan will be winning after 100 plays.
(a) Compute the expected payoff after 100 plays. (b) Approximate the probability that Megan will be winning after 100 plays.