Jeremy has $6000 to invest. If he puts the money in a certificate of deposit (CD), he is assured of receiving $6740 after 5 years. If he invests the money in stocks, he has a 50-50 chance of one of the following cash flow sequences for the next 5 years. Annual Cash Flow, $ per Year Prob. = 0.5 Prob. = 0.5 Year Stock 1 Stock 2 -6000 -6000 1-4 6800 4000 0 250 600 5 Finally, Jeremy can invest his $6000 in real estate for the 5 years with the following cash flow and probability estimates. 2 Annual Cash Flow, $ per year Year Prob. = 0.3 Prob. = 0.5 Prob. = 0.2 0 -6000 -6000 -6000 1 -425 0 500 2 -425 0 600 3 - 425 0 700 4 -425 0 800 5 9500 7200 5200 Which of the three investment opportunities offers the best expected PW? Suppose the MARR for Jeremy is 2%