Question: [Bernoulli Bets and Binomial Bets] Your uncle, Ray, is an adventurous soul who never took ECE 313. He hears of an offer in Las Vegas.

[Bernoulli Bets and Binomial Bets] Your uncle, Ray, is an adventurous soul who never took ECE 313. He hears of an offer in Las Vegas. The Spendthrift Casino on Metacalle Street is offering lottery tickets. Each ticket wins with a probability of p = 1 50. A ticket can be purchased for any desired initial investment of C dollars. If the ticket wins, the investor receives X = 100C dollars. If the ticket loses, the investor receives X = 0 dollars. (a) Ray wants to spend his life savings ($100) to buy one lottery ticket for C = 100 dollars. Let X be the amount of money he wins. i. Sketch the PMF of X, pX(u) as a function of u. ii. What is E[X]? iii. What is X

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