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$14$

and a $50$ percent chance of warm weather this year.

Suppose Lily and Chenyu are considering merging their businesses, If they do merge, they will split their profits equally. Which of the following statements is true?

$00\mathrm{.}4839$

I. Lily will prefer to merge, but Chenyu will prefer to keep his business separate.

II$.$ The expected value of Chenyu's earnings if the businesses merge is $$65,000.$

III. The expected value of Lily's earnings if they do not merge is $$60,000.$

Multiple Choice

II only

I and II only

II and III only

I and III only