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Exhibit A: Suppose each of two independent projects has the following outcomes (see below) and their probabilities Probability Gain/Loss 80% Gain of $2 million 10%

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Exhibit A: Suppose each of two independent projects has the following outcomes (see below) and their probabilities Probability Gain/Loss 80% Gain of $2 million 10% Loss of $ $1 million 10% Loss of $10 million Using the data present in Exhibit A above, what is the 90% expected shortfall for the portfolio of two projects? Select one: O a $19.0 million Ob. $9.8 million Oc. $14.6 million d. $11.6 million

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