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Alfraed and Broetschen have each put $500 into a pool and bet on the winner of...

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Basic Math

Alfraed and Broetschen have each put $500 into a pool and bet onthe winner of the 2057 Stanley cup which goes to the first team towin 4 games out of seven matches. All other teams having beendisbanded due to dental injuries, the contest is between theWaterloo Weirdos and the Kitchener Klutzes and after one game,Kitchener is ahead one game to zero in the best of 7 final.Alfraed, who cleverly bet on Kitchener, wants out of the bet, sincehe needs money immediately to cover a poker debt to a sadisticbiker in Accounting.

a. Assuming the teams are evenly matched, what is theprobability that Alfraed would win the total stake ($ 1000) if hecontinued?

b. What would be a fair division of the stakes (the total amountat stake is $1000) if the bet is terminated? By how much doesAlfraed profit from the bet in this case?

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