100 Gambles of RouletteI am stuck on the following problem: You go to Las Vegas...
100 Gambles of Roulette
I am stuck on the following problem: You go to Las Vegas with $1000 and play roulette 100 times by betting $10 on red each time. Compute the probability of losing more than $100. Hint: Each bet you have chance 18/38 of winning $10 and chance 20/38 of losing $10.
So essentially this is recurring 100 times. Now each time you do it you have an 18/38 chance of winning and 20/38 chance of losing. You have a greater chance of losing than winning, so based on speculation you need to lose 56/100 in order to lose more than $100, to counterbalance your winnings . How would I set up an equation to solve for this?