For this problem, use the fact that the expected value of an event is a probability weighted average, the sum of each probable outcome multiplied by the probability of the event occurring. You wish to hire Ron to manage the Dallas operations of your company. The profits from the operations depend partially on how hard Ron works, as follows. Probabilities Profit = $10,000 Profit = $50,000 70% 30% 30% 70% Lazy Hard worker If Ron is lazy, he will surf the Internet all day, and he views this as a zero cost opportunity. However, Ron would view working hard as a "personal cost" valued at $1,500. What fixed percentage of the profits should you offer Ron? Assume Ron only cares about his expected payment less any "personal cost." You should offer Ron at least % of the profits. (Round your response to two decimal places.)