Suppose you are flipping a coin with probability of Heads being 0.4931 and Tails being 0.5069
Can someone please tell me what is the probability of hitting 6 and 7 tails in a row in 24 tries? how about 44 tries?
OK. I have been asked to edit my question! Here is the story:
The game "Baccarat" in casinos is very much like flipping a coin. the outcome is either "banker", "player" or Tie. If you disregard ties, the probability of banker win is 0.5069 and player win is 0.4931. I am betting in a way that every loss is covered by an eventual win. But if there are 7 losses in a row, i do not play any more. I usually play 20 hands to win 100$. I wanted to know what is the probability of my loss. I hope the critics are now satisfied with the reason behind my question!