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2. One decides to gamble their hard-earned $127 on the outcome of a fair coin. For a bet of Sx the total winnings are $2x.
2. One decides to gamble their hard-earned $127 on the outcome of a fair coin. For a bet of Sx the total winnings are $2x. An individual decides to play with double-or-nothing" strategy: First wager is $1. If the individual wins, then they quit with $128. If individual loses, then the wager is doubled and individual plays again until they win once or are out of money. a. What the PMF describing the amount of money an individual is left with after playing? b. Find the expected amount of money an individual is left with after playing. 2. One decides to gamble their hard-earned $127 on the outcome of a fair coin. For a bet of Sx the total winnings are $2x. An individual decides to play with double-or-nothing" strategy: First wager is $1. If the individual wins, then they quit with $128. If individual loses, then the wager is doubled and individual plays again until they win once or are out of money. a. What the PMF describing the amount of money an individual is left with after playing? b. Find the expected amount of money an individual is left with after playing
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