Suppose in the gambler's ruin problem that the probability of winning a bet de- pends on the gambler's present fortune. Specifically, suppose that ai is the prob- ability that the gambler win...
Problem 5: Gambler's Ruin Our old friend John Doe who tried his luck at blackjack back in Homework 2 now decides to win a small fortune using slot machines mstead. Having ganed some wisdom from his previous outings, he starts off small with just one dollar. He plays the slot machines in the following way He always inserts one dollar into the slot machines After playing it, the machine returns two dollars with probability p and returns nothing with probability...