Solve the Gambler’s Ruin problem where N = 5 and p = 1 − q = 2/3 by expressing
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Solve the Gambler’s Ruin problem where N = 5 and p = 1 − q = 2/3 by expressing

3. Solve the Gambler’s Ruin problem where N = 5 and p = 1 − q = 2/3 by expressing the transition matrix P into the canonical form and solving for the eventual probability of ruin and the eventual probability of exiting at $ N.

Hint
Mathematics"Probability: It is a mathematical calculation which could be applied to a variety of several applications. So, calculating probability needs the simple formula and using the division and the multiplication to evaluate the events of possible outcomes. Formula :            P(A) = n(A) /n(S)where,P(A) = the probability of an event 'A'.n(A) = number of ou...
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