Consider the following three cases Cose 1 A company has four legal claims outstanding. each for $116,000. 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. Cose 2 A company has four legal claims outstanding, each for $116,000. 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 Cose 3 A company has four legal claims outstanding. each for $116,000. There is a 30% chance that one claim will be paid out, a 20% chence 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 likelyor not hkely and calculate the expected value