There is a game called Bishops bank where on the table had numbers 1 through 25...

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There is a game called Bishops bank where on the table had numbers1 through 25 painted on it. Players place a dime on a number theychoose and a fair gaming whell is spun. If the wheel selects yournumber, you get to select a card from a bundle of 100 card. Thecard will reveal how much cash you win($20.00, $10.00, $5.00,$1.00, or $0.50) with corresponding probabilities (0.01, 0.02,0.10, 0.20, 0.67). If your number fails to come up you lose yourbet. Assume all wheel spins and bets are independent.

(a) Thirty bets are placed. What is the probability thatexactly three bets will win on the next spin of the wheel?

(b) On the next spin of the wheel, thirty bets are placed andyou are the only winner(you made one bet). What will be the averageintake/pay-out for this concession given these circumstances?

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a Thirty bets are placed What is the probability that exactly three bets will win on the next spin of the wheel probability of win p 125 Now we want to find the See Answer

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