The operations manager for a water taxi company wants to decide whether to purchase a small, medium, or large new boat for the company. The manager estimates that the annual profits (in thousands of dollars) will vary depending upon whether passenger demand is low, moderate, or high, as shown in the following table. Demand Boat Low Medium High Small 48 63 72 Medium 37 80 92 Large 20 47 120 Probability 0.3 0.3 0.4 If the company uses the expected value approach, which size boat will it decide to purchase? small medium large none