.) You inherited some money and are looking to invest $1000 of it. In researching possible investment strategies you are faced with the following possibilities:

Strategy 1: 50% chance of gaining $1000; and a 50% chance of gaining $0

Strategy 2: 50% chance of gaining $500; 25% chance of gaining $200; and 25% gaining $100

Strategy 3: 50% chance of gaining $700; 25% chance of gaining $300; and 25% gaining $200

A. Which strategy has the highest expected payout (gain) and what is that value?

B. Which strategy has the lowest standard deviation and what is that value?