Consider a lottery that pays either $50,000$ or $10,000$ with equal probability.

ii$.$ Calculate the certainty equivalent for an investor with a utility function $\frac{1}{}{w}^{}$ when $=0\mathrm{.}25.$

$(3$ marks$)$

iii. Comment on the effect of changing the value of $$ using the Arrow$-$Pratt framework.

$(5$ marks$)$