We do not do your homework for you. Although it might take more effort to do the work on your own, you will profit more from your effort. We will be happy to evaluate your work though.
However, I will give you a start.
Unless you have a typo, he will lose 2,300-1,800 = 500 every two games. Personally, I would advise him not to gamble.
A gambler plays a game of chance in which he has 60% chance of winning. If he wins, he collects N1,800 but if he loses he pays N2,300.
Required:
If he loses alternate games,
i. Obtain the sample spaces respectively for 12 games and 14 games
(ii. Calculate his expected returns for 12 games and 14 games.
iii. Advise the gambler if he initially staked N1000?
1 answer
1 answer