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Find the probability the total amount you go home

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Reference no: EM132015144

Suppose that there is a gambling game, where there is a 60% probability that you will lose $1, and a 40% probability that you will gain  $1. Suppose that you play the game 100 times, and each time you play is independent of any other time.

(a) Find the probability the total amount you go home with is at least 0 (you have broken even, or went home with some positive gain).

(b) Find the probability that the total amount you go home with is larger that $5 (you have a net gain of $5).

(c) Find the probability that the total amount you go home with is less that -$5 (you have a net loss of $5).

(d) Find the 99th percentile for the total amount you go home with.

Reference no: EM132015144

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