Perfect information 12. Profit Center Vame: 14. Case Number: 16. Reference Number: A business entity has to decide which of three projects to select for investment. The three projects are mutually exclusive, and only one of them can be selected. The expected profits from investing in each of the projects will depend on the state of the market. The following estimates of returns have been prepared, and the associated probabilities. State of market Probability Project 1 Project 2 Project 3 Static 0.3 K million 20 50 19 Growing 0.3 K million 90 60 20 (This is the same example as was used earlier to illustrate expected values). What would be the value of perfect information about what the state of