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That's always been an ill-stated threat :) For example, if the person to the right of every person drops out, then only those on the left edge of a row are (possibly) safe. The matriculation rate then asymptotically approaches 0% as the row lengths go to infinity. On the other hand, as you say, the other extreme gives a 66% matriculation rate. You can come up with scenarios where any percentage between 33% and 100% drop out. Fun!
C.O.