Let's say you have a coin that has a 60% chance of coming up heads.
You are betting on heads with your unsuspecting opponent and getting 1:1 odds. If heads comes up, you win $1, and if tails does, you lose $1.
If you do 10 flips a day, what is the probability that you are a net winner on any given day?
To clarify, if heads comes up 5 times that day, you break even. If heads comes up 4 or less, you are a net loser. If heads comes up 6 or more, you are a net winner.
My grasp of statistics and probability is limited, and I am having a hard time figuring out how to approach this problem, as well as variations such as different probabilities, getting different odds, more flips a day, etc. ... Any help is appreciated.
Many Thanks!
-ils
You are betting on heads with your unsuspecting opponent and getting 1:1 odds. If heads comes up, you win $1, and if tails does, you lose $1.
If you do 10 flips a day, what is the probability that you are a net winner on any given day?
To clarify, if heads comes up 5 times that day, you break even. If heads comes up 4 or less, you are a net loser. If heads comes up 6 or more, you are a net winner.
My grasp of statistics and probability is limited, and I am having a hard time figuring out how to approach this problem, as well as variations such as different probabilities, getting different odds, more flips a day, etc. ... Any help is appreciated.
Many Thanks!
-ils