Estimate the profit or loss after playing the game 50 times

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Reference no: EM131173779

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.

Reference no: EM131173779

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