Solved: On each hand the high roller will win 1 with probability, Basic Statistics

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On each hand the high roller will win 1 with probability

Question: (Suggested by Sam Kaufmann, Indiana University MBA, who runs Harrah's Lake Tahoe Casino.) A high roller comes to the casino intending to play 500 hands of blackjack for $1 a hand. On each hand, the high roller will win $1 with probability 0.48 and lose $1 with probability 0.52. After the 500 hands, what is the probability that the casino has lost more than $40?

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Basic Statistics: On each hand the high roller will win 1 with probability

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Basic Statistics: On each hand the high roller will win 1 with probability

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