Consider a sequential trade model in which a security has an uncertain value. The value V of the security can either be $150 or $250 with equal probability. The proportion of informed traders is 60%, whereas the proportion of liquidity traders is 40%. As usual, liquidity traders buy or sell with equal probability, whereas informed traders only buy t n they know the security price is high, and sell when they know the security price is low. The conditional expectation of V, conditional that the first trade is a buy, is: O a. E[V | Buy] 170 O C. E[V | Buy]- 200 o d. E[V | Buy] 220 o e. E[V I Buy]-230 fNone of the above