I wrote 2 questions to test my understanding of some essential statistical concepts...unfortunately I am lost. Can you guys help me out?
A basic strategy player plays a game with an house advantage of exactly .5%, flat bets at $100/hand, and is gambling with $5000.
1) How many hands would it require before you could be 90% confident that the player will lose all his money? (I already know the BS player is guaranteed to lose all his money at some point, but that is not what I am asking).
2) What is the likelyhood the player will go broke after playing 4900 hands?
I hope these questions make sense and can be answered with the normal distribution curve. Here is a link to a Z chart if it helps. Hopefully someone can shed light on this matter. Thanks.
http://www.statsoft.com/textbook/sttable.html#z
-MJ
