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
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