- Stats Question I Need A Formula To Work Out The Following If I Have A Probability Of An Event Occurring P And A Maxi 1 (39.57 KiB) Viewed 90 times
example may be it would helpful to answer my question, i need
formula with explanation etc thanks
Stats question: I need a formula to work out the following: If I have a probability of an event occurring, p, and a maximum number of times that event can occur, x, I need to know how to work out what the max population supported would be to ensure x is never reached (or has a % chance of reaching, e.g. for y = 5%). Real example: Running an online betting exchange that has a balance of $100 which is replenished every hour. Game played has a probability of winning (p) for a user in a given hour of 0.2. If a user wins then it costs $10. So max wins allowable (x) for any hour before the balance is reached is 10. How many players can I support so that the likelihood of the balance going to 0 (y) is < 5%? And what is the formula for this so I can try different p, x and y to get different results? Thanks!