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Suppose my friend and I are tossing a biased coin (the chance of the coin landing...

Suppose my friend and I are tossing a biased coin (the chance of the coin landing heads is p> 1/2). I get one dollar each time the coin lands heads, and I have to pay one dollar to my friend each time it lands tails. I will stop playing if my net gain is three dollars (net gain = amount won-amount lost).

a) What is the chance that i will stop after exactly three tosses?

b) What is the chance that i will stop after exactly four tosses?

(c) What is the chance that I will stop after exactly five tosses?

Hint: Make a diagram of what can happen on the first toss, and each subsequent toss.

Math   Statistics-And-Probability   
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