1. Suppose a bookie will give you $8 for every $2 you risk if you pick the...
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Question:
1. Suppose a bookie will give you $8 for every $2 you risk if you pick the winners in three games of a sport on a"parlay" card. Thus, for every $2 bet, you will either lose $2 or gain $6. What is the bookie\'s expected earnings per dollar wagered? (Note the odds of winning and losing on a particular game are thesame.)
The bookie\'s expected value for a $2 bet for three games is approximately what $?
2.
x p(x)
10 0.2
11 0.1
12 0.3
13 0.2
14 0.2
a. Find
P(xless than or equals≤12)
b. Find P(xgreater than>12).
c. Find P(xless than or equals≤14).
d. Find P(xequals=14).
e. Find P(xless than or equals ≤ 11 or xgreater than>12).
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