What is probability that gambler will eventually go broke

Reference no: EM131001239

A gambler plays a game in which she will either win 1000 with probability p, where p <>1, or lose 1 with probability 1 - p. Suppose, however, that whenever she accumulates more than 10 000 in winnings, a companion takes everything in excess of 10 000 to spend in the casino gift shop. What is the probability that the gambler will eventually go broke?

Reference no: EM131001239

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