Suppose that on each play of a certain game a gambler is equally likely to win or to lose. Suppose that when he wins, his fortune is doubled, and that when he loses, his fortune is cut in half. If he begins playing with a given fortune c, what is the expected value of his fortune after n independent plays of the game?

A First Course in Probability (10th Edition)
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ISBN:9780134753119
Author:Sheldon Ross
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Chapter1: Combinatorial Analysis
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Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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Suppose that on each play of a certain game a gambler is equally likely to win or to lose. Suppose that when he wins,
his fortune is doubled, and that when he loses, his fortune is cut in half. If he begins playing with a given fortune c,
what is the expected value of his fortune after n independent plays of the game?
Transcribed Image Text:Suppose that on each play of a certain game a gambler is equally likely to win or to lose. Suppose that when he wins, his fortune is doubled, and that when he loses, his fortune is cut in half. If he begins playing with a given fortune c, what is the expected value of his fortune after n independent plays of the game?
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