Problem bank
Problem 187 of 333MediumProbabilityP187
Doubling on red
On an American roulette wheel red wins with probability and pays even money. You bring $1,023, bet $1 on red, double the bet after every loss, and stop at your first win or when you cannot cover the next bet. (a) What is the probability you go bust? (b) What is your expected profit per session? (c) If you repeat the session 500 times, refilling the bankroll each time, what is the probability you go bust at least once?
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