I only the need answer to 3.4 based off of 3.3

3.3 Expected Utility I Elon is a graduating student at UPenn and has a utility function u(x) = Vr based on his monthly of > income x thousand in dollars. He is weighing over two career paths, opening a new business and entering the government. Opening a new business is risky, having 1.5 percent of success and 98.5 percent of failure. If the business becomes successful he expects to earn 2.56 billion dollar per year or earn nothing. If he works in the government, he would gain 25,000$ per year. Compute expected utility for each of two options. Also, explain which career path he would take. Changyeop Lee Assignment 2 ECON 2001 April 11, 2022 3.4 Expected Utility II With the above example, suppose that Elon refused to join the government. Instead, assume that Elon got an offer from the start-up which has 50 percent of success and 50 percent of failure. If the firms becomes successful, the startup will compensate him by y dollars and 0 if the firm fails. In this case, how big y should be for Elon to accept the job offer? More precisely, compute the value y which makes the job offer which gives the same expected payoff with opening the business