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Can you help me answer the following problem question with an explanation? Thank you. The winnings on a lottery scratchcard are defined by the random

Can you help me answer the following problem question with an explanation?

Thank you.

The winnings on a lottery scratchcard are defined by the random variable, X =win.

It is known that the expected winnings has value E(X) = 4 and that the variance of winnings has value V(X) = 2.

A player pays 6 euro for the scratchcard.

Define the random variable Y as Y =Profit/Loss.

(i) Find the expected profit/loss, i.e. find the value of E(Y).[i](whole number)

(ii) Find the value of V(Y).[ii](whole number)

(iii) Is this a fair game?[iii](Insert your choice a/b/c/d).

a: no, because E(Y) is negative

b: no, because V(Y) is positive

c: yes, because E(X) is positive

d: yes, because E(Y)= 0

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