Find the probability joe will win all of moes money write

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Reference no: EM13604266

Moe and Joe flip a slightly unbalanced coin until one or the other loses all his money. On a single flip Joe wins with probability .49. Joe starts with $8 and Moe starts with $4.

1. Find the probability Joe will win all of Moe's money.

2. Write out the transition matrix P for this game (where the state of the system is the amount of Joe's money).

3. Find the two step transition matrix.

4. Does P^n have a limit as n increases without limit and, if so, what is it?

Reference no: EM13604266

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