Suppose you have $3 and a fair penny. At each round, you flipthe penny. If it lands heads-up, you gain a dollar. If it lands ontails, you lose a dollar. You stop the game when you have either $5or $0. What is the probability of each outcome? Hint: The nodes inyour Markov chain should be the dollar amounts, $0-$5.

Answer rating: 100% (QA)

To solve this problem we can use a Markov chain approach The states in the Markov chain represent th... View the full answer