Probability (no idea of the kind, and how to do it)

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Homework Help Overview

The problem involves calculating probabilities related to a betting scenario between two players, Peter and Paul, where they wager on games with varying probabilities of winning. The focus is on determining the likelihood of one player being ahead by specific amounts of money based on different winning probabilities.

Discussion Character

  • Exploratory, Assumption checking

Approaches and Questions Raised

  • Participants are questioning the definition and role of the variable p, particularly whether it represents the probability of winning for one of the players and which player that might be.

Discussion Status

The discussion is ongoing, with participants seeking clarification on the meaning of p and its implications for the problem. Some guidance has been offered regarding the interpretation of p, but no consensus has been reached on its specific application.

Contextual Notes

There is uncertainty regarding the source of the problem and whether it provides additional context about the players' probabilities. This lack of clarity may affect the understanding of the problem setup.

elmarsur
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Homework Statement



Peter and Paul bet one dollar each on each game. Each is willing
to allow the other unlimited credit. Use a calculator to make a
table showing, to four decimal places, for each of p = 1/10, 1/3,
.49, .499, .501, .51, 2/3, 9/10 the probabilities that Peter is ever
ahead by $10, by $100, and by $1000.



Homework Equations





The Attempt at a Solution



I don't know what to apply here. Thank you very much for any help!
 
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What random variable would it be appropriate to define?
 
Thank you for reply, rochfor.
I don't know what p is referring to. If p is the probability of winning a game, I don't know whose player the p is.
 
I imagine p is the probability of winning a game. I imagine wherever you got the problem from is a bit more explicit about which player's probability it is.
 

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