Gets out of jail using strategy

Assignment Help Basic Statistics

Reference no: EM13985098

With the situation in Exercise 13, consider the strategy such that for i 4, Smith bets min(i, 4 - i), and for i ≥ 4, he bets according to the bold strategy, where i is his current fortune. Find the probability that he gets out of jail using this strategy. How does this probability compare with that obtained for the bold strategy?

Reference no: EM13985098

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