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Discussion 4 (Psychic's Prediction): Establish Probability Distribution and Find Expected Value A "psychic\" runs the following ad in a Statopia magazine: Expecting a baby? Renowned psychic will tell you the Special ability of the unborn child from any photograph of the mother: Cost $10. Money back guarantee This may be a protable con game. Suppose that the psychic simply replies "Fire\" to all inquiries. In the worst case, everyone who has a Water will ask for money back. 1. Please establish the probability distribution of the psychic's prot given the probability of having Fire child is 0.51 and the probability of Water child is 0.49. 2. Find the expected value of the psychic's prot 3. If we estimate that 1000 expected mother would use this service to nd out the special ability of the baby each month, what will be this renowned psychic's annual incomejust for this