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(b) Find the probability that Marys total worth reaches $3000 at some point. (We assume here that Mary has to quit playing if she goes bankrupt so...
(b) Find the probability that Marys total worth reaches $3000 at some point. (We assume here that Mary has to quit playing if she goes bankrupt so this is a gamblers ruin problem.) (c) Now suppose Mary has a rich aunt who constantly resupplies her with $1500 whenever she happens to go bankrupt. Now what is the probability that her total worth reaches $3000 at some point? (d) Suppose there is no rich aunt but we enable Mary to play indenitely by letting her go arbitrarily deep into debt. (Could this really happen? I think they break your kneecaps after a certain point.) Now what is the probability that her total worth manages to reach $3000? Why is this answer dierent from your answer in (c)?
