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Probability Distributions and Binomial Probabilities 1] [8 pts] Gerry the Gerbil, Sammy the Snake's cousin, decided to go into the life insurance business. He decided that the probability of someone living a year in his neighborhood was 0985. Each year he charges a person $200 for a policy, and he pays out $20,000 if that person dies during the year. (you do not get your $200 premium back) | | Expected Value: Find the expected value of Gerry the Gerbil's game, and explain what this means to Gerry. 2] [8 pts) Suppose you take a multiple-choice exam with 5 questions, and 5 answer choices for each question (only one is correct). You are to build the probability distribution for guessing on all of the questions and getting 0 to 5 of them correct. a] Explain why this is a binomial probability distribution [show the 4 criteria are met) b) Fill in the table for the probability distribution. \"m- Would it be unusual to guess and get more than 3 of the \" problems correct? Give evidence to support your answer. c] Calculate the Expected Value of guessing on all 5 questions and explain what the expected value tells you in this case