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ErenCo is an up-and-coming stone quarry company. A recent report, reflecting the general sentiment of all market participants, projected the following prices and probabilities for

ErenCo is an up-and-coming stone quarry company. A recent report, reflecting the general sentiment of all market participants, projected the following prices and probabilities for ErenCo stock on June 19, 2019:

Probability

1/3

1/2

1/6

Price

$15

$10

$6

According to the EMH, what would you expect the market price of ErenCo stock to be today? Why?

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