All or None
You have $100 and, never mind why, you must convert it to $1000. Anything less is no good. Your only way to make money is to gamble for it. Your chance of winning one bet is p.
Here are two extreme strategies:
Maximum strategy: bet as much as you can each time. To be smart, if you have less than $500 you bet it all. If you have more, you bet enough to get to $1000.
Minimum strategy: bet $1 each time.
If p < .5 (the odds are against you) which is the better strategy?
What about p > .5 or p = .5?
Minimum strategy: bet $1 each time.
If p < .5 (the odds are against you) which is the better strategy?
What about p > .5 or p = .5?

Christine wong has asked dave and mike to her move into a new apartment on sunday morning. she has asked them both, in case one of them does not show up. from past experience, christine knows that there is a 40% chance that dave will not show up and a 30% chance that mik a. what is the probability that both dave and mike will show up? (round your answer to 2 decimal places.) b. what is the probability that at least one of them will show up? c. what is the probability that neither dave nor mike will show up? (round your answer to 2 decimal places.)e will not show up. dave and mike do not know each other and their decisions can be assumed to be independent.