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Favorite casinos offer different betting options

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Suzy has received $5000 in inheritance and would like to increase her asset by visiting the great city of Biloxi. Her favorite game is craps, and two of her favorite casinos offer different betting options. Casino 1 offers a $10 minimum bet, $25 maximum bet and Casino 2 offers a $25 minimum bet, $100 maximum bet. To simplify things, she will play only the minimum or maximum and she will bet one hand at a time. If the roll falls on 'nothing happens', she will play the hand again without increasing her bet until she either wins or loses. She wants you to determine which casino she should use and whether she should bet the minimum or maximum. Don't pass line a) 2 or 3=win(quadruple your bet) b) 4 through 11=lose your bet c) 12=nothing happens Using a Matlab program, run a simulation to show which option will give her the best probability to increase her asset to $6000 or more.

Reference no: EM131192462

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