Solving for the Value of Information: Albany Company is making decisions about the introduction of a new product. Consumer reports show that the probability of success of the new product is .75. while the probability of failure is .25. Since these surveys were made for a general product category. Albany consulted a consumer research firm to conduct tests about their particular product. The research firm said they will detect the success 75 percent of the time when the product will actually succeed (probability that tests says "success" given success equals .75) and signal "failure" 90 percent of the time when there will actually be failure. Albany would make a profit of $3 million if the product succeeded. They would lose $2 million if it failed.

Required: What is the highest price Albany Company would be willing to pay the firm to conduct the survey?