This isn't a homework problem. I just feel like awarding ten points to some deserving person.
The game works as follows: After paying a $1 entry fee, the PLAYER tosses a coin. If it comes up heads, the HOUSE gives him $1 and the player gets to toss the coin again. The player continues to toss the coin, collecting $1 for each time it lands heads, until it comes up tails. When it lands tails, the player collects nothing and the game is over.
Clearly, the most the player can lose is $1, while the most he can win is unlimited. So, in this game, which is true: (a) the player has a statistical advantage, (b) the house has a statistical advantage, or (c) the game is fair - no statistical advantage to either the player or the house. Naturally, to get the points, you need to show the math to prove your answer.
2007-01-17
08:06:49
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7 answers
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asked by
Anonymous
in
Mathematics