Score: 0 of 1 pt 7 of 19 (18 complete) V HW Score: 81.58%, 15.5 Exercise 3 Question Help Richard is deciding whether to buy a state lottery ticket. Each ticket costs $1, and the probability of winning payoffs is given as follows Probability Return 0.50 $0.00 0.20 1.00 0.25 2.50 0.05 7.75 The expected value of Richard's payoff if he buys a lottery ticket is $ 1.21 . (Round your answer to the nearest penny.) The variance of his payoff if he buys a lottery ticket is $ (Round your answer to the nearest penny.)