Math Problem Statement

c. Suppose you are betting on heads with each coin toss. After the first 100​ tosses, you are well on the losing side. Explain​ why, if you continue to​ bet, you will most likely remain on the losing side. How is this answer related to the​ gambler's fallacy? Choose the correct answer below.

A.

The probability of winning will always be​ 50%. There is no such thing as good luck in gambling because the chances are always predicted by numbers.

B.

According to the law of large​ numbers, the probability of losing will become closer to the probability of​ P(A). The results of repeated tosses do not depend on the results of earlier tosses.

C.

The expected value decreases with each toss.​ Therefore, it is likely that the losing streak will continue. Most gamblers keep trying because they think that they are due for a win sometime soon.

D.

Once you have fewer heads than​ tails, the deficit of heads is likely to remain. A streak of bad luck does not mean that a person is due for a streak of good luck.

Solution

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Math Problem Analysis

Mathematical Concepts

Probability
Independent Events
Gambler's Fallacy

Formulas

Probability of heads/tails: P(Heads) = 0.5, P(Tails) = 0.5

Theorems

Law of Large Numbers
Gambler's Fallacy

Suitable Grade Level

Grades 9-12