1. Consider the game of roulette. Suppose I bet $1 on red, and I play 100 times. (a) This game pays Chip value , which means that I win the number appearing if the outcome is red and lose $1 otherwise. (b) My chance of winning on a single play is 1837 or 48.6% . (c) Write down the box model for calculating the total amount I win or lose. This will include the hex and haw many times I draw with replacement from it. (d) What is the most I can win, from 100 plays? The most you can win from 100 plays is 32x100 = $3200 (e) What is the most I can lose, from 100 plays? The most you can loose from 100 plays is $100 (f) What should I expect to win or lose, from 100 plays? (What is the expected value of the net gain?) (g) What is the standard error of the net gain