Gambling survival formula An empirical formula for the bankroll B (in dollars) that is nee...

Gambling survival formula An empirical formula for the bankroll B (in dollars) that is needed to survive a gambling session with confidence C (a percent expressed as a decimal) is given by the formula

where G is the number of games played in the session, W is the wager per game, and E is the player’s edge on the game (expressed as a decimal).

(a) Approximate the bankroll needed for a player who plays 500 games per hour for 3 hours at $5 per game with a −5% edge, provided the player wants a 95% chance of surviving the 3-hour session.

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(b) Discuss the validity of the formula; a table and graph may help.