Suppose you are going to Las Vegas to play Keno. Your favorite bet is $1 on a single number. When you win, they give you $2.5. When you lose, you get nothing. You have a 1 out 5 chance of winning. Required:
a. Build a probability model for X = net gain in one play. (Net gain is the amount you receive minus the cost of playing, and yes, it can be -1) State the values and the probabilities here
b. What is the expected value of X? Interpret this number with a fully formed sentence. Write expected value. Then write a separate sentence interpreting what this number tells you.
c. Is Keno a fair game. Why or why not? Write whether it is fair or unfair. Then start a separate sentence giving your reasoning
d. What is the standard deviation X? Interpret this number with a fully formed sentence.

Write standard deviation. Then write a separate sentence interpreting what this number tells you.