Consider the following gamblers ruin problem. A gambler bets $1 on each play of a game. Each time, he has a probability p of winning and probability q=1-p of losing the dollar bet. If p = 0.4, what is the probability that the gambler will be ruined after 3 plays?
a) 0.096
b) 0.36
c) 0.64
d) 0.24