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Linear AlgebraChallengeMarkov Chains & Long-Run Behavior

Markov Chains & Long-Run Behavior · Challenge problem

A gambler at $1\$1 bets $1\$1 each round with win probability 12\tfrac12 and stops at $0\$0 or $3\$3. What is the probability of reaching $3\$3? Express as a common fraction.