Would you like to play this game every day

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Reference no: EM131081866

Suppose you go to a casino with exactly $63. At this casino, the only game is roulette and the only bets allowed are red and green. In addition, the wheel is fair so that P[red] = P[green] = 1/2. You have the following strategy: First, you bet $1. If you win the bet, you quit and leave the casino with $64. If you lose, you then bet $2. If you win, you quit and go home. If you lose, you bet $4. In fact, whenever you lose, you double your bet until either you win a bet or you lose all of your money. However, as soon as you win a bet, you quit and go home. Let Y equal the amount of money that you take home. Find PY (y) and E[Y]. Would you like to play this game every day?

Reference no: EM131081866

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