Chance of getting out of jail

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Reference no: EM13985097

Smith is in jail and has 1 dollar; he can get out on bail if he has 8 dollars. A guard agrees to make a series of bets with him. If Smith bets A dollars, he wins A dollars with probability .4 and loses A dollars with probability .6. Find the probability that he wins 8 dollars before losing all of his money if

(a) he bets 1 dollar each time (timid strategy).

(b) he bets, each time, as much as possible but not more than necessary to bring his fortune up to 8 dollars (bold strategy).

Reference no: EM13985097

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