Consider a Bernoulli Process(p). What is the probability you will get 5 heads before 3 tails, flipping a coin.
Im having trouble answering this question because, from my understanding Bernoulli process has to have independent trials, however a failure of say tosses 1-8 flips, directly affects 2-9 (you know atleast 3 tails in 1-8)
Hint: In order to obtain 5 heads before 3 tails you must obtain at least five heads among the first seven tosses.