A company is considering investing in a new project that will cost $5 million to start and has a 60% chance of generating a profit of $8 million, and a 40% chance of generating a loss of $2 million. The company has the option to purchase insurance that will cover any losses incurred by the project, at a cost of $1 million. Should the company purchase the insurance, and what is the expected value of the investment with and without the insurance?