Atex Inc., a U.S. firm, holds an asset in Bulgaria and faces the following scenario: State 1 State 2 State 3 Probability 25% 50% 25% Spot rate $0.30 /BL $0.20 /BL $0.15 /BL P* BL 2,000 BL 5,000 BL 3,000 P $600 $1,000 $450 where, P* = Bulgarian Lev (BL) price of the asset held by the U.S. firm P = Dollar price of the same asset The expected value of the investment in U.S. dollars is:

$2,083.33 $762.50 $6,250.00 $6,562.50