How would a probability to win of 42 translate into an expec
How would a probability to win of .42 translate into an expected amount won if you had $5.00? Assume that each time you win, you double your money, and each time you lose, you lose what you bet.
In which scenario do you have the best chance of winning? In which scenario do you have the worst chance of winning? In which scenario would you be willing to bet the largest amount of money?
Solution
Best case will be 10th because it has most favourable cases and winning probability is high if you wisely chose your noumbers.
Worst case will be 3rd because it has most no. of unfavourable case 17 out of 18 and winning probability is 1/18 so it is worst case to play.
If anyone ask me about betting highest money scenario, then I will choose the 10th case.
