Suppose that on each play of a certain game a gambler is equally likely to win or

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Suppose that on each play of a certain game a gambler is equally likely to win or to lose. Suppose that when he wins, his fortune is doubled, and that when he loses, his fortune is cut in half. If he begins playing with a given fortune c, what is the expected value of his fortune after n independent plays of the game?
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Probability And Statistics

ISBN: 9780321500465

4th Edition

Authors: Morris H. DeGroot, Mark J. Schervish

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