Petron Corporations management team is meeting to decide on a new corporate strategy. There are four options, as follows:

	Strategy
	A	B	C	D
Probability of success	100%	80%	60%	40%
Cash flows next year if successful (in $ million)	50	60	70	80

Assume there are no cash flows after next year, and there are no cash flows if the strategy fails.

Now suppose the face value of debt is $46 instead of $20 and management chooses the strategy that maximizes the expected payoff to equity holders. What will be the expected payoff to equity holders next year in this case?