Suppose that New York Giants and Cincinnati Bengals (two National Football League teams) are scheduled to play a best of three series. The winner of the series will be the first team that wins two of the three games. The probability that Giants win a game in their home stadium is 0.6 and the probability that Bengals win their home game is 0.57. Next, suppose that you place a bet on each game played where you win $500 if Giants win and you lose $520 if Giants lose the game. In parts 1-III below, assume that the outcomes of the games are independent of each other. Required:
a. Calculate the probability that the Giants will win the series.
b. Construct a probability distribution for your net win (X) in the series. Calculate your expected net win (the mean of X) and the standard deviation of X.
c. Construct a frequency distribution for Y.