3. Consider a person with the following utility function over wealth: u(w) = In(w), where in is the natural logarithm and w=wealth in hundreds of thousands of dollars. Suppose that this person has a 40% chance of wealth of $50,000 and a 60% chance of wealth of $1,000,000 as summarized by P(0.40, $50,000, $1,000,000). a. What is the expected value of wealth? b. Is this person risk averse, risk neutral, or a risk seeker? c. What is this person's certainty equivalent for the prospect