A new product has a 5% chance of being successful. Given that happens, the product have a 60% chance of becoming a major hit and creating $100,000 and a 40% chance of becoming a mild hit and creating $10,000. What is the expected $ profit of this product? Type your answer... 1 point You have developed a new blockchain innovation. A big company has contacted you and offered you $180,000 for commercialize the innovation. The contract also allows them to future develop if their initial tests indicate that there may be market potential of your innovation. In that case they will pay you an additional $1,800,000 so that they can buy out your innovation. The fact that the big firm proposes this contract shows the potential of your innovation. You could commercialize it independently. This will cost $500,000. If it fails, you will lose the entire $500,000. However, if it succeeds, you should be able to get $5,000,000 of revenue. After extensive study you believe that the probability of being successful is 0.55. What is the expected value if you choose to develop it independently