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3 Gambling for a bus ticket You are stuck in Las Vegas and down to your last $4. Unfortunately, a bus ticket home costs
3 Gambling for a bus ticket You are stuck in Las Vegas and down to your last $4. Unfortunately, a bus ticket home costs $16. You decide to try to get enough money for the ticket by gambling. The most favorable probability of winning a game that you have found is 0.4. You are considering two strategies. The more aggressive strategy is to bet everything you have each time until you have $16 or go broke. A more conservative approach is to bet $1 each play of the game. a) Write the Markov chains corresponding to both strategies. b) What is the probability of getting a bus ticket for each strategy?
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