Problem 5-63 {Probability Distribution ofa Random Variable} c Question 5 an; r Check My IWork Two gamblers play a version oF rouletoe with a wheel as shown in the le PEI 5_63.xls1. Each gambler places four betsI but their strategi are different. as explained below. For each gamblerr use the rules of probability to nd the distribution of their net winnings after four bets. Then Find the mean and standard deviation of their net winnings. The le gets you started. Round your answers to two decimal placesr if necessary and if your answer is negative value. please enter "minus" sign. a. Player 1 always bets on red. On each bet. he either wins or loses what he bets. His rst bet is for 510. From then on. he bets $1|J Following a win, and he doubla his bet after a loss. (This is called a martingale strategy and is used flequently at casinos] For acample. if he spins red. red. not red. and not red. his bets are for 51.0. $1EI. 510. and $2El. and he has a net loss of $10. Orif he spins not red. not red. not red. and redI then his bets are For $10, $20, $44], and 530, and he has a net gain of 510. Mean 14 439 l a Standard Deviation \"WI 9 II. Player 2 always bets on black and green. On each bet. he places $1|2| on black and $2 on green. If red occurs. he loses all 512. If black occurs. he wins a net $8 ($1EI gain on black. $2 loss on green]. If green ooturs. he wins a net 550 ($10 less on blackr $60 gain on green}. Mean l a Standard Deviation l @