Consider the following three cases: Case 1 A company has four legal claims outstanding, each for $114,000. There is a 10% chance that one claim will be paid out, a 10% chance that two will be paid out, a 5% chance for three, and a 5% chance for four payouts. Case 2 A company has four legal claims outstanding, each for $114,000. There is a 10% chance that one claim will be paid out, a 60 % chance that two will be paid out, a 5% chance for three, and a 15% chance for four payouts. Case 3 A company has four legal claims outstanding, each for $114,000. There is a 30% chance that one claim will be paid out, a 20% chance that two will be paid out, a 20% chance for three, and a 20% chance for four payouts. Required: 1. For each case, decide if some payout is likely or not likely and calculate the expected value. Case Likely or Not Likely? Expected Value