(a) What is the probability that a fair coin lands tails up eight times in a row? (b) Suppose you're offered a bet at 250:1 odds against a fair coin landing tails up eight times in a row. What would you do take one side of the bet or the other, or decide not to play at all? (Your answer should depend both on your answer to the previous part of the problem and on your own personal ideas about risk and money.) (c) Answer the previous question if you are operating a casino. Compute the house advantage and explain how much money you would make in the long run. (d) Which is more likely, that eight flips will be TTTTTTTT or that they will be THTHTHTH?

(a) What is the probability that a fair coin lands tails up eight times in a row? (b) Suppose you're offered a bet at 250:1 odds against a fair coin landing tails up eight times in a row. What would you do take one side of the bet or the other, or decide not to play at all? (Your answer should depend both on your answer to the previous part of the problem and on your own personal ideas about risk and money.) (c) Answer the previous question if you are operating a casino. Compute the house advantage and explain how much money you would make in the long run. (d) Which is more likely, that eight flips will be TTTTTTTT or that they will be THTHTHTH?

Calculus For The Life Sciences

2nd Edition

ISBN:9780321964038

Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Chapter12: Probability

Section12.3: Conditional Probability; Independent Events; Bayes' Theorem

Problem 39E: The following problem submitted by Daniel Hahn of Blairstown, Iowa, appeared in the Ask Marilyn...

See similar textbooks