please answer Q1 completely, thank u!

1. a) In a neighbourhood with 1,000 houses, 5 catch fire, 7 are damaged by high winds, and the rest are unharmed during a one-year period. What is the estimated probability that a house is harmed by fire? High winds? Fire and high winds? b) A share of a restaurant chain can be worth $2 with a probability of 0.40 and $10 with a probability of 0.60. What is the expected value of the share price? What is the variance and standard deviation? c) Why should we calculate variance to compare two outcomes? d) Suppose Lauren has a utility function of U(W) = W0.5 and an initial wealth of $100. How much of a risk premium would she want to participate in a gamble that is 50% probability of raising her wealth to $120 and a 50% probability of lowering her wealth to $80