Question: Decide whether or not the following example can be modeled with a Markov chain, and if it can, draw the Markov chain. If it cannot,

Decide whether or not the following example can be modeled with a Markov chain, and if it can, draw the Markov chain. If it cannot, explain why.

Stan is in jail, and has 3 dollars and bail set at 8. One of the prison guards will agrees to a game: bob bets one dollar and wins a dollar with probability 0.4, and loses one dollar with probability 0.6 Once he reaches 8 dollars, he can post bail and go home. If he loses all his money, he cannot make any bets.

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