Determine the probability of your leaving the casino

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Reference no: EM131834889

You have received a reliable tip that in the local casino the roulette wheel is not exactly fair. The probability of the ball landing on the number 13 is twice what it should be. The roulette table in question will be in use that evening. In that casino, European roulette is played. You go with 1,000 euros and intend to make 100 bets. Your betting strategy is as follows: each time you stake a multiple of five euros on the number 13 and you choose that multiple that is closest to 2.5% of your bankroll. You will receive a payoff of 36 times the amount staked if the ball lands on 13. Use computer simulation to determine the probability distribution of your bankroll at the end of the night. Specifically, determine the probability of your leaving the casino with more than 2,000 euros.

Reference no: EM131834889

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