One person has 3 dollars to gamble each time he uses only, Ask an Expert

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One person has 3 dollars to gamble; each time he uses only one dollar, the probability is 60% to lose and 40% to win. If he accumulates 5 dollars or loses 3 dollars, he will stop the gamble. Using transition matrix to estimate how many times he will play to finish the gamble. What is the probability to finish the gamble(get $5 or $0) You will have to provide the following answers:

a. Chart of the markov chain and transition matrix

b. How many times to finish the gamble

c. Probability to finish the gamble

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Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M91020049

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