need to answer these questions

The following table contains expected values for the player of various popular casino games when $1 is gambled by the player.

American Roulette

$ - 0.0526

Blackjack (assumes perfect strategy)

$ - 0.005

Caribbean Stud Poker (assumes perfect strategy)

$ - 0.0522

Baccarat

$ - 0.012

Video Poker (assumes perfect strategy)

$ - 0.01

Slot Machines

$ - 0.10

1. (8 points) In simple terms, explain the significance of the negative sign for each of these expected values. Also, provide an explanation in your own words as to how these numbers should be interpreted.

1. (6 points) In the event that you find yourself inside a casino, which of these games should YOU specifically play in order to maximize your chances of winning? Which of these games should you avoid? Explain.

1. (8 points) Using these expected values in calculations isn't as straightforward as it might seem. The problem is that bets can be placed in an endless number of ways, starting with 2 cent bets in Video Poker and going up to as high as you would like in Roulette. Further, a single visit to the casino can result in an individual placing hundreds or thousands of bets.

Let's assume that over the course of a day you put up a total amount of $1000 in bets. Now, you know that you don't have perfect strategy, so you decide to split up your time by playing Baccarat, American Roulette, and the slot machines. Let's assume that you placed 20% of your bets playing Baccarat, 30% of your bets playing American Roulette, and then placed the final 50% of your bets playing the slot machines while seated emotionlessly in the smoky, sad purgatory that is a traditional casino slot machine aisle. At the end of this bleak day, mathematically, how much money should you expect to leave the casino with? Show your work.

1. The Pew Research Center conducted a telephone survey from Feb. 8 through March 7, 2006 among a nationally representative, randomly selected sample of 2,250 adults. Below is a summary of a selection of the survey's results.

?1,498 people reported that they had gambled at least once in the past year.

?Of the people who reported gambling in the last year, 839 said that they were behind overall for the year, 449 said they were ahead overall for the year, and the other 210 said that they were relatively even for the year.

?The following table breaks down the results of the last bullet by age: