A certain casino game costs $1 to play and has an outcome of a loss with...

 

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A certain casino game costs $1 to play and has an outcome of a loss with probability p, which nets $0 (a loss of the $1), or an outcome of a win with probability l-p, which nets $2 (winnings of $1 + $1 from upfront cost). Each game costs exactly $1. a. What is the probability that a player starting with $1 will end up losing all winnings on exactly the 7th game? Use p = 0.4. b. Find the probability that a player starting with $1 will loss all of their winnings eventually, as a function p. Plot your answer. A certain casino game costs $1 to play and has an outcome of a loss with probability p, which nets $0 (a loss of the $1), or an outcome of a win with probability l-p, which nets $2 (winnings of $1 + $1 from upfront cost). Each game costs exactly $1. a. What is the probability that a player starting with $1 will end up losing all winnings on exactly the 7th game? Use p = 0.4. b. Find the probability that a player starting with $1 will loss all of their winnings eventually, as a function p. Plot your answer.

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