What Is the Probability of Winning in a Gambler's Ruin Scenario?

[AASaunders]

Hi guys, I have been given a problem to complete, but at the moment my progress has been minimal.

A gambler has £1 to gamble, he plays a game in which the probability of winning and losing are equal. If he wins he gains a pound, and loses a pound if he does not win. He starts with £1 and must stop once he has no money remaining. He has a goal of £100, if he achieve this he will stop and consider himself to have beat the casino. What is the probability of the gambler winning?

I have only had two classes on using Matlab since September, thus I am not very experienced.

To complete this problem I know I need to use nested For loops but I just don't know where to start, so any guidance would be appreciated very much.

 

[jfgobin]

Hello AASaunders,

I would say it would be easier with 2 nested "while" loops.

The outer one to make sure you get a few wins, the inner one to break free of the game once you lose or win.

J.