Find probability that Carl will ever get ahead of Stan

Reference no: EM131812109

Question: Carl and Stan play the game of "heads or tails," in which each time a coin lands heads up, Carl wins $1 from Stan, and each time it lands tails up, Stan wins $1 from Carl. Suppose that, initially, Carl and Stan have the same amount of money and, as necessary, will be funded equally so that they can continue playing indefinitely. If the coin is not fair and lands heads up with probability 0.46, what is the probability that Carl will ever get ahead of Stan?

Reference no: EM131812109

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