Maurice Tutor

(5)

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About Maurice Tutor

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Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 398 Weeks Ago, 3 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 14 Oct 2017 My Price 7.00

gambling strategy

Martin has just heard about the following exciting gambling strategy: bet $1 that a fair coin will land Heads. If it does, stop. If it lands Tails, double the bet for the next toss, now betting $2 on Heads. If it does, stop. Otherwise, double the bet for the next toss to $4. Continue in this way, doubling the bet each time and then stopping right after winning a bet. Assume that each individual bet is fair, i.e., has an expected net winnings of 0. The idea is that

so the gambler will be $1 ahead after winning a bet, and then can walk away with a profit. Martin decides to try out this strategy. However, he only has $31, so he may end up walking away bankrupt rather than continuing to double his bet. On average, how much money will Martin win?

Answers

Maurice Tutor
(5)
Status NEW Posted 14 Oct 2017 11:10 PM My Price 7.00

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