Multiple Choice
A gambler has an opportunity to play a coin tossing game in which he wins his wager with probability .49 and loses his wager with probability .51.Suppose the gambler's initial stake is $40 and the gambler will continue to make $10 bets until his fortune either reaches $0 or $100 (at which time play will stop) .Which of the following statements is true?
A) Increasing the amount of each wager from $10 to $20 will increase the expected playing time.
B) Increasing the initial stake to $50 will increase the expected playing time.
C) Reducing the initial stake to $20 will increase the expected playing time.
D) Increasing the probability of winning from .49 to 1.0 will increase the expected playing time.
Correct Answer:
Verified
Correct Answer:
Verified
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