ework: The Economics of | X Question 4 - Homework: The E X Course Hero X G Pelican P to.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FI ork: The Economics of Information and Govern... i Saved Consider the two options in the following table, both of which have random outcomes: Option 1 Option 2 Probability of Possible Probability of Possible Outcome Outcomes ($) Outcome Outcomes ($) 1/ 16 150 1/5 120 4/16 300 15 255 5/16 750 .15 1, 500 4/16 300 1/5 255 1/16 150 1/5 120 ices a. Determine the expected value of each option. Expected value of Option 1: $ Expected value of Option 2: $ b. Determine the variance and standard deviation of each option. Instructions: Round your answers for standard deviation to two decimal places. Variance of Option 1: Standard deviation of Option 1: Variance of Option 2: Standard deviation of Option 2: c. Which option is most risky?