What is the probability that he is able to go on the trip

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Jack needs a total of $100 to go on a trip. He currently has $65 and believes that he can make up the difference by gambling in a local casino where he pays $1 for each play and gets $2 back if he wins and forfeits the $1 if he loses. Jack's goal is to stop playing when he was exactly $100 for the trip. Knowing that Jack can lose all the $65 he initially had and thus will never go on the trip, what is the probability that he is able to go on the trip if the probability that he wins in each day is 0.6?

Reference no: EM13688485

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