solve the following real life problems (games of chance)

involving mean and variance of a discrete random variable. .

Game of Chance 1. (A roulette wheel)

A roulette wheel in a fiesta carnival has the numbers 1 through 30. If you bet 5.00 you will have a chance to win a prepaid load worth 100.00. Find the expectation if you play a bet.

Game of Chance 2. (Lottery)

A lotto works by picking 6 numbers from 1- 42 (Combinations of numbers from 1-42 taken 6 at a time produce 5,245,786 number combinations). A ticket costs 24.00 to play the lottery. If you win

today, you would win 5 million pesos after taxes. If you play the lottery today, what would be your expected winnings or losses?

Take It or Leave It 3. (Body Parts Insurance Investment)

An insurance company will sell a 500,000.00 one-year term legs insurance policy for ramp models for a premium of 500.00. Find the expected value to the company of a single policy if a

model has a 99.96% chance of being uninjured in one year?