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A gambler believes that a strategy called doubling up is an effective way to gamble The method requires the gambler to double the stake after each loss Thus if the initial bet is

A gambler believes that a strategy called “doubling
up” is an effective way to gamble. The method
requires the gambler to double the stake after each
loss. Thus, if the initial bet is $1, after losing he will
double the bet until he wins. After a win, he resorts
back to a $1 bet. The result is that he will net $1
for every win. The problem however, is that he will
eventually run out of money or bump up against
the table limit. Suppose that for a certain game the
probability of winning is .5 and that losing six in a
row will result in bankrupting the gambler. Find the
probability of losing six times in a row.

Jun 21 2020 View more View Less

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