36. A martingale betting strategy works as follows. Youbegin with a certain amount of money and repeatedlyplay a game in which you have a 40% chance of winning any bet. In the first game, you bet $1. From thenon, every time you win a bet, you bet $1 the next time.Each time you lose, you double your previous bet.Currently you have $63. Assuming you have unlimitedcredit, so that you can bet more money than you have,use simulation to estimate the profit or loss you willhave after playing the game 50 times
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
36. A martingale betting strategy works as follows. You
begin with a certain amount of money and repeatedly
play a game in which you have a 40% chance of winning any bet. In the first game, you bet $1. From then
on, every time you win a bet, you bet $1 the next time.
Each time you lose, you double your previous bet.
Currently you have $63. Assuming you have unlimited
credit, so that you can bet more money than you have,
use simulation to estimate the profit or loss you will
have after playing the game 50 times
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