Suppose that on each play of a certain game a gambler is equally likely to win or to lose. Suppose that when he wins, his fortune is doubled, and that when he loses, his fortune is cut in half. If he begins playing with a given fortune c, what is the expected value of his fortune after n independent plays of the game?

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A: We have given that n = 843x = 417p̂ = x/n = 417/843 = 0.4947p = 60% = 0.60α =  5% = 0.05

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