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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Consider a gambler who at each gamble either wins or loses his bet with probabilities p and 1 - p, independent of earlier gambles. When p > 1/2, a popular gambling system, known as the Kelly strategy, is to always bet the fraction 2p - 1 of the current fortune. Compute the expected fortune after n gambles, starting with x units and employing the Kelly strategy.
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