James is thinking about betting on the outcome of the next presidential election. An online betting service offers him a deal where he can bet $ 1000 on a Democratic, Republican, or third-party...

James is thinking about betting on the outcome of the next presidential election. An online betting service offers him a deal where he can bet $ 1000 on a Democratic, Republican, or third-party victory. If he bets on a Democratic victory, he will win $1500 if a Democratic candidate wins the election. If he bets on a Republican victory, he will win $2000 if a Republican candidate wins. If he bets on a third-party victory, he will win $20,000 if a third-party candidate wins. In any case, if another type of candidate wins, and not the one James bet on, he receives $0.