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Answer to Question #31553 in Statistics and Probability for Andrew
Question #31553
Gamblers ruin question:
A gambler bets on coin flips. With each flip, he wins $1 with probability p, and loses $1 with probability 1-p. He starts with $2 and stops when he reaches either $0 or $5.
a) What is the probability that the gambler has $5 in the end?
b) What is the expected number of coin flips he bets on?
A gambler bets on coin flips. With each flip, he wins $1 with probability p, and loses $1 with probability 1-p. He starts with $2 and stops when he reaches either $0 or $5.
a) What is the probability that the gambler has $5 in the end?
b) What is the expected number of coin flips he bets on?
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