You now have $3.You will toss a fair coin four times. Before each toss you can bet
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You now have $3.You will toss a fair coin four times.
Before each toss you can bet any amount of your money
(including none) on the outcome of the toss. If heads comes up, you win the amount you bet. If tails comes up, you lose the amount you bet.Your goal is to reach $6. It turns out that you can maximize your chance of reaching
$6 by betting either the money you have on hand or $6 minus the money you have on hand, whichever is smaller. Use simulation to estimate the probability that you will reach your goal by using this strategy.
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Related Book For 
Practical Management Science, Revised
ISBN: 9781118373439
3rd Edition
Authors: Wayne L Winston, S. Christian Albright
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