1. Suppose that your organization is deciding which of four projects to bid on, as summarized in the following table. Assume that all up-front investments are not recovered, so they are shown as negative profits. a. Draw an EMV diagram b. Calculate the EMV for each project. c. Write reasons explaining which projects you would bid on. Be sure to use the EMV information and your personal risk tolerance to justify your answer. Chance of Outcome Estimated Profits Project Project 1 $160,000 25 percent 75 percent 30 percent - $50,000 Project 2 $100,000 40 percent $ 40,000 30 percent - $70,000 Project 3 70 percent $ 30,000 30 percent -$10,000 Project 4 $ 60,000 25 percent 35 percent $50,000 -$25,000 25 percent 15 percent - $40,000