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Compute the probability of a win on any play

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Reference no: EM131674139

Question: Martha has the choice of two games.

Game 1: Pay ten dollars for each "play." If she wins, she receives $20, for a net gain of $10 on the play; otherwise, she loses her $10. The probability of a win is 1/2, so the game is "fair."

Game 2: Pay five dollars to play; receive $15 for a win. The probability of a win on any play is 1/3.

Martha has $100 to bet. She is trying to decide whether to play Game 1 ten times or Game 2 twenty times. Let W1 and W2 be the respective net winnings (payoff minus fee to play).

- Determine P (W2 ≥ W1).

- Compare the two games further by calculating P (W1 > 0) and P (W2 > 0)

- Which game seems preferable?

Reference no: EM131674139

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