Bulloch County has never allowed liquor to be sold in its restaurants. However, in three months, county residents are scheduled to vote on a referendum to allow liquor to be sold by the drink. Currently, polls indicate there is a 60% chance that the referendum will be passed by the voters. Phil Jackson is a local real estate speculator who is eyeing a closed restaurant building that is scheduled to be sold at a sealed bid auction. Phil estimates that if he bids $1.25 million, there is a 25% chance that he will obtain the property. If he bids $1.45 million, there is a 45% chance that he will obtain the property. If he bids $1.85 million, there is an 85% chance that he will obtain the property. If he acquires the property and the referendum passes, Phil believes he could then sell the restaurant for $2.2 million. However, if the referendum fails, he believes he could sell the property for only $1.15 million.