Coursepack, p. 596 MAT 133: Ch. 6 Review WS p.2 3. There is a charity raffle being held with the following probability distribution for the profits to the player. Outcome Profit Probability a. Considering this is a valid probability distribution, fill in the missing probability value Win BIG 4985 0.001 in the table. Win SMALL 1985 0.003 b. How much is the cost of one ticket for this raffle? Lose -15 c. Calculate the expected profit for a single ticket purchased. (Give 2 dec. places) d. If a wealthy person decides to purchase 50 tickets, what is their expected profit? e. Explain why this raffle is not a "fair game". 4. You bet $1 on the 31/34 Line (shown at right), which means you are betting on the 6 numbers touching that line. The casino payout for a Line Bet is stated as 5:1, which means for a $1 bet, you will receive back your $1 plus $5 from the casino if you win. The probability of winning a line bet is 6/38. Outcome (Words) Profit Probability (5 dec. places) a. Fill out the table appropriately. b. Find the expected value of the profit. (Give 4 decimal places)_ c. What is the house edge? Describe what this means for the casino in practical terms. d. If you place a $25 bet on the 31/34 line, what is your expected profit