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I think that this problem is very difficult partly because it does not have a closed form algebraic solution. I was able to solve it with a Markov transition matrix or a recursive solution. Here is the exact answer using 10 coin tosses and different size streaks from 2 to 10. The extreme cases of 2 and...

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This question was given to me for homework: You are given a loaded coin at a casino with the probability of heads not being equal to tails, and you are required to use this coin as you gamble. What would you do?(hint: what happens when you toss the coin twice). Where would I start to solve the problem?...