Suppose that on each play of a certain game, a person will either win one dollar with

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Suppose that on each play of a certain game, a person will either win one dollar with probability 1/3 or lose one dollar with probability 2/3. Suppose also that the person’s goal is to win two dollars by playing this game. Show that no matter how large the person’s initial fortune might be, the probability that she will achieve her goal before she loses her initial fortune is less than 1/4.
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Probability And Statistics

ISBN: 9780321500465

4th Edition

Authors: Morris H. DeGroot, Mark J. Schervish

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