Problem

Consider a gambler who, at each gamble, either wins or loses her bet with respective proba...

Consider a gambler who, at each gamble, either wins or loses her bet with respective probabilities p and 1 - p. A popular gambling system known as the Kelley strategy is to always bet the fraction 2p - 1 of your current fortune when p > Compute the expected fortune after n gambles of a gambler who starts with x units and employs the Kelley strategy.

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Solutions For Problems in Chapter 7

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