probability

A bet on “black” in Roulette has a probability of 18/38 of winning.  If you win, you double your money.  You can bet anywhere from $1 to $100 on each spin.

a. Suppose you have $10, and are going to play until you go broke or have $20.  What is your best strategy for playing? Explain using information you learned in this module’s material, such as expected value.

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b. Suppose you have $10, and are going to play until you go broke or have $30.  What is your best strategy for playing? Explain using information you learned in this module’s material, such as expected value.