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Suppose you are a casino owner, and your casino runs a very simple game of chance. The dealer flips a coin. The customer wins $9 from the casino if it comes up heads and loses $10 if it comes up tails. Question 1. Assuming no one is cheating and the coin is fair, if a customer plays twice, what is the chance they make money?

1 Answer

3 votes

Answer:

Explanation:

The outcome of the game is

Toss 1 Toss 2 Result

H H 18

H T -1

T H -1

T T -20

His only winning position is H ---- H

That means he has only a 1/4 chance in winning. He shouldn't play at all. It might be a fair coin, but it is not a fair game.

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