Using the horse race information from Exercise 13.1. if Rosie's owner pays $500 for entering but wins $1000 for first place. $750 for second place, $500 for third place, and nothing for placing any lower.
a. What are the expected winnings (or losses) for Rosie (i.e., including the entrance fee)?
b. What is the standard deviation of the winnings (or losses) for Rosie (i.e., including the entrance fee)?