A

financial

institution

can

monitor

its

loan

portfolio

and

earn

a

cash

flow

of

$1200

per

loan,

or

choose

to

not

monitor

and

earn

$1200

with

prob.

0.91

and

only

$750

with

prob.

0.09.

Assume

the

cost

of

monitoring

is

$X

(per

loan).

If

the

institution

is

indifferent

between

monitoring

and

not,

then

X

=

_____.