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PLEASE SHOW ALL STEPS TAKEN WITH EXPLINATIONS A celebrity is giving away money to their audience by playing this game: Everyone in the audience is

PLEASE SHOW ALL STEPS TAKEN WITH EXPLINATIONS

A celebrity is giving away money to their audience by playing this game:

Everyone in the audience is allowed to flip the coin 3 times.

If the first flip ends up being tails, they will receive $50.

If the first flip is heads, but the second flip is tails, they get $20.

If the first two flips are heads, but the third flip is tails, they get $10. If all three flips are tails, they get no money.

  1. What is the probability of getting $50?
  2. What is the probability of getting $20?
  3. What is the probability of getting $10?
  4. What is the probability of not getting any money?
  5. What is the (expected value) average amount of money that each person is expected to get?
  6. How much money should the producers of the show expect to give away, if there are 500 people in the audience,.

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