All or None
You have $100 and, never mind why, you must convert it to $1000. Anything less is no good. Your only way to make money is to gamble for it. Your chance of winning one bet is p.
Here are two extreme strategies:
Maximum strategy: bet as much as you can each time. To be smart, if you have less than $500 you bet it all. If you have more, you bet enough to get to $1000.
Minimum strategy: bet $1 each time.
If p <.5 (the odds are against you) which is the better strategy?
What about p >.5 or p =.5?
Minimum strategy: bet $1 each time.
If p <.5 (the odds are against you) which is the better strategy?
What about p >.5 or p =.5?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “All or None You have $100 and, never mind why, you must convert it to $1000. Anything less is no good. Your only way to make money is to ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
If apples cost £1.25 per killogram. How much will 6 kilogram cost?
Answers (1)
If sales tax is 9%, what is the tax on a sale of $3,000?
Answers (2)
What is the area and perimeter of a polygon with angles that equal 90 and a side the equals 8
Answers (1)
The product of a number and nine increase by four is 58 find the number
Answers (1)
Marco bought gifts for his family qt the school gift shop for the holidays. Marci bought 10 gifts and spent 11.50. How many of each item did he buy if friendship bracelets cost 1.50 and stickers cost $1
Answers (1)
New Questions in Mathematics
You put $16,000 in a saving sccount with 3% interest. How much money will be in your savings account after the 6th month? How much money did you make in in interest?
Answers (2)
Find the slope of a line with the rise as 3 and run as 4
Answers (2)
Janet, Rose, and Tanya buy postcards from their favorite souvenir shop. Janet buys 3 postcards for &1.05. Rose buys 5 postcards for $1.75. Tanya buys 8 postcards for $2.80.
Answers (1)
5. Thomas walked 1 1/4 miles from his home to his school. Jackson walks 1 2/3 miles from his home to work. How much farther does Jackson walk to school than Thomas?
Answers (1)
Solve for 2. 5x - 4 > 12 AND 12x + 5 < - 4
Answers (1)