Determining the amount of money

Reference no: EM131005727

A pensioner receives 2 (thousand dollars) at the beginning of each month. The amount of money he needs to spend during a month is independent of the amount he has and is equal to i with probability Pi , i = 1, 2, 3, 4, i=1 Pi = 1. If the pensioner has more than 3 at the end of a month, he gives the amount greater than 3 to his son. If, after receiving his payment at the beginning of a month, the pensioner has a capital of 5, what is the probability that his capital is ever 1 or less at any time within the following four months?

Reference no: EM131005727

Questions Cloud

Calculate the heat that must be supplied to the system : n-Octane is compressed reversibly at constant temperature along the critical isotherm until the critical point is reached. The initial pressure is 1 bar. The pressure takes place in a closed system. Use the Lee-Kesler method to calculate what is t..

Problem regarding the production process : 1. The rate at which the production process goes from up to down (that is, the rate of breakdowns); 2. The average length of time the process remains down when it goes down; and 3. The average length of time the process remains up when it goes up.

Calculate the net amount of work that is produced : Calculate the ratio of the network over the amount of heat absorbed at the high temperature of the cycle. How does this value compare to the theoretical efficiency of the Carnot cycle that is calculated based on the two operating temperatures?

The electrophilic aromatic substitution of benzoic : Could somebody please help me write out the mechanism for the Electrophilic Aromatic Substitution of Benzoic Acid to produce m-nitrobenzoic Acid?

Determining the amount of money : A pensioner receives 2 (thousand dollars) at the beginning of each month. The amount of money he needs to spend during a month is independent of the amount he has and is equal to i with probability Pi , i = 1, 2, 3, 4, i=1 Pi = 1.

Calculate the amount of work exchanged between two cycles : A Carnot cycle operating between 600 °C and 25 °C absorbs 1000 kJ of heat from the high-temperature reservoir. The work produced is used to power another Carnot cycle which transfers 1000 kJ of heat from 600 °C to a reservoir at higher temperature..

The reaction mechanism for the electrophilic aromatic : Could somebody please help me with the reaction mechanism for the Electrophilic Aromatic Substitution of Benzoic Acid to produce m-nitrobenzoic Acid?

?nd the probability that the ?fth ball selected : An urn always contains 2 balls. Ball colors are red and blue. At each stage a ball is randomly chosen and then replaced by a new ball, which with probability 0.8 is the same color, and with probability 0.2 is the opposite color, as the ball it rep..

Consider the following unbalanced equation. : Consider the following unbalanced equation. How many molecules of O2 will be required to produce 1.60 mol of water? H2 + O2 → H2O

User Account

All Pages