If managed effectively, Rearden Metal will have assets with a market value of $200 million, $300 million, or $400 million next year, with each outcome being equally likely. Managers may choose to increase the risk of the firm, changing the probability of each outcome to 50%, 5%, and 45% respectively. Rearden Metal has $180 mllion in debt due in one year. Suppose the manager tries to maximize shareholder's value rather than firm's value. What is the expected value of Rearden's asset at the end of year 1?

		$280 million
		$295 million
		$300 million
		$305 million