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Recall that in the martingale doubling system (see Exercise 1.1.10), the player doubles his bet each time he loses. Suppose that you are playing roulette
Recall that in the martingale doubling system (see Exercise 1.1.10), the player doubles his bet each time he loses. Suppose that you are playing roulette in a fair carino where there are no 0's, and you bet on red each time. You then win with probability 1/2 each time. Assume that you enter the casino with 100 dollars, start with a 1-dollar bet and employ the martingale system. You stop as soon as you have won one bet, or in the unlikely event that black turns up six times in a row so that you are down 63 dollars and cannot make the required 64-dollar bet. Find your expected winnings under this system of play.Note: Your answer is assumed to be reduced to the highest power possible. Your Answer: x10
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