Iria Group of Companies $($IGC$)$ is considering whether to accept one or two major new investment opportunities $($Project $1$ and Project $2).$ Each project would require an immediate outlay of $N$$$4$ million and IGC expects to raise sufficient funds to undertake one of the projects only. The Directors of IGC believe that returns from existing activities and from the new projects will depend on which of the three economic environments prevails during the coming year. The estimate returns for the coming year and the probabilities of the three possible environments are provided below:

$\backslash$table$[[,$Normal,Boom,Recession$],[$Probability of state,$0\mathrm{.}3,0\mathrm{.}4,0\mathrm{.}3],[,\%,\%,\%$