a gambler employs a betting approach that will either earn a profit of $1000 or a loss of $10,000. find the probability of winning

a gambler employs a betting approach that will either earn a profit of $1000 or a loss of $10,000. find the probability of winning that would make this a fair bet.

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  1. The probability of winning for a reasonable wager is 0.91
    Given,
    A gambler employs a betting approach that will either earn a profit of $1000 or a loss of $10,000.
    Let us consider the probability of winning the bet = x
                              The probability of losing the bet = 1 – x
    The winning profit = $1000
    The loss = $10000
    Incase of a fair bet,
    ⇒ 1000 x = 10000 (1-x)
    1000x = 10000 – 10000x
    11000x = 10000
    x = 10000/11000
    x = 0.91
    Hence, for a fair bet probability of winning is 0.91
    To learn more about probability click here:
    brainly.com/question/11234923
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