You start with $100 at a casino and can bet any amount of that money to play a game any amount of times where in each game, you have a 40% chance of winning. If you win, you’ll gain the amount you bet, in addition to being returned the amount you bet. If you lose, you lose your bet. What is your strategy to have the highest chance of getting to $200? (100 - 200 words)

Given that we start with $100 at a casino and can bet any amount of that particular money to play a game to any amount of times where we have a 40% chance of winning in each game. If we win, we will gain the amount we bet and return the amount that we bet. If we lose, we will lose our bet.

It has been asked that what should be our strategy to win get $200.

We can write from the given information that:

Probability of wining = 40 % = 0.4

Probability of losing = 1 - 0.4 = 0.6

The best bet to win $200 is to bet $100 in one go itself.

For the above bet chance of winning $100 is 0.4

But let us assume that we are betting $50 two times,

Then L-Lose and W-Win

There will be 4 rational possible cases (WW,WL,LW,LL)

Probability of all the 4 above given cases will be as follows:

Probability of (WW) = 0.4 X 0.4 = 0.16

Probaility of (WL) = 0.4 X 0.6 = 0.24

Probability of (LW) = 0.6 X 0.4 = 0.24

Probability of (LL) = 0.6 X 0.6 = 0.36

Now for winning $100 we need to win both the bets of $50.

But the probability of winning both the bets = 0.16 ( very less than 0.4)

Hence the best bet would be to use $100 in one chance itself.

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shomerajeshwari90 shomerajeshwari90 · Answer 2 · 2022-10-27T17:07:16+02:00

Our strategy to win $200 is to use $100 in just one chance. It is the best bet for winning $200.

It has been asked that what should be our strategy to win get $200.

We can write from the given information that:

Probability of wining = 40 % = 0.4

Probability of losing = 1 - 0.4 = 0.6

The best bet to win $200 is to bet $100 in one go itself.

For the above bet chance of winning $100 is 0.4

But let us assume that we are betting $50 two times,

Then L-Lose and W-Win

There will be 4 rational possible cases (WW,WL,LW,LL)

Probability of all the 4 above given cases will be as follows:

Probability of (WW) = 0.4 X 0.4 = 0.16

Probability of (WL) = 0.4 X 0.6 = 0.24

Probability of (LW) = 0.6 X 0.4 = 0.24

Probability of (LL) = 0.6 X 0.6 = 0.36

Now for winning $100 we need to win both the bets of $50.

But the probability of winning both the bets = 0.16 ( very less than 0.4)

Hence the best bet would be to use $100 in one chance itself.

learn more about of probability here:

https://brainly.com/question/11234923

#SPJ4