Business, 17.03.2020 05:45 manywonders
Suppose each round costs $1.00 at a slot machine on which you can win $2.00 with probability p = 40%. You start playing with $10.00 and decide that you will keep playing until you either double your wealth (that is, earn another $10.00) or run out of money. What is the probability that you run out of money? (Remember: You do not need to simplify your answer.)
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Suppose each round costs $1.00 at a slot machine on which you can win $2.00 with probability p = 40%...
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