The owner of Gator Airlines wishes to take her firm public by selling 3 million shares. The underwriter determines that the true value will be $15 with probability.4 and $8 with probability.6. There are a group of uninformed investors who are willing to buy 6 million shares as long their expected profits from purchasing are at least 0 (i.e., expected profits must be non- negative). This group also assesses that the probability of the true value of the shares being $15 is.4 and the probability of having a true value of $8 is.6. There is a group of informed investors who always know whether the true value is $15 or $8. They are willing to order 2 million shares if the offer price is less than the true value (a) Calculate the highest offer price at which the entire issue will always sell (b) Could a uniformed investor make money on average by submitting an order to buy some shares of the new issue? Why or why not