MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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Question

4

If you were to play the following games 1000 times each, which one of them would be the best
choice for maximizing profit over the long term?
O Paying $100 for the chance to get back $500 (win $400 + $100 you invested) where your chance of winning
is 0.25.
O Paying $200 for the chance to get back $1000 (win $800 + $200 you invested) where your chance of winning
is 0.2.
O Paying $200 for the chance to get back $2000 (win $1800 + $200 you invested) where your chancelaf
winning is 0.1.
O Paying $300 for the chance to get back $5000 (win $4700 + $300 you invested) where your chance of
winning is 0.05.
Question 11
Assume you were given the chance to pay $1000 to play a game. In this game you have a 30 %
chance to break even and a 40% chance of winning $1000 (You get back $2000). Assuming you can
play this game an unlimited number of times, what should you do if you wanted to maximize profit?
O Don't play, the game is a scamt!
O Play once but be prepared to quit if you lose the first time.
O Go get as much money as you can find and play this game every waking hour of your life.
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Transcribed Image Text:If you were to play the following games 1000 times each, which one of them would be the best choice for maximizing profit over the long term? O Paying $100 for the chance to get back $500 (win $400 + $100 you invested) where your chance of winning is 0.25. O Paying $200 for the chance to get back $1000 (win $800 + $200 you invested) where your chance of winning is 0.2. O Paying $200 for the chance to get back $2000 (win $1800 + $200 you invested) where your chancelaf winning is 0.1. O Paying $300 for the chance to get back $5000 (win $4700 + $300 you invested) where your chance of winning is 0.05. Question 11 Assume you were given the chance to pay $1000 to play a game. In this game you have a 30 % chance to break even and a 40% chance of winning $1000 (You get back $2000). Assuming you can play this game an unlimited number of times, what should you do if you wanted to maximize profit? O Don't play, the game is a scamt! O Play once but be prepared to quit if you lose the first time. O Go get as much money as you can find and play this game every waking hour of your life.
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