Q3) Let's assume that after graduation, you have two options: Either you are going to set up a consulting firm with your friends or you are going to accept an offer of a firm with an annual total salary of 50,000TL. If you set up your own consulting firm, following three events may happen: i) Your firm becomes very successful and each partner gets 150,000TL per year with 0.2 probability. ii) Everything goes alright and each partner gets 70,000TL per year with 0.5 probability. iii) Things do not happen as you expected and each partner looses 100,000TL. 3 Figen Eren IE 345-Spring 2023 For the above scenario: a) Find expected monetary value (EMV) ( 8 pts) b) What would be your decision? (2 pts) Q3) Let's assume that after graduation, you have two options: Either you are going to set up a consulting firm with your friends or you are going to accept an offer of a firm with an annual total salary of 50,000TL. If you set up your own consulting firm, following three events may happen: i) Your firm becomes very successful and each partner gets 150,000TL per year with 0.2 probability. ii) Everything goes alright and each partner gets 70,000TL per year with 0.5 probability. iii) Things do not happen as you expected and each partner looses 100,000TL. 3 Figen Eren IE 345-Spring 2023 For the above scenario: a) Find expected monetary value (EMV) ( 8 pts) b) What would be your decision? (2 pts)