The relationship between income and total utility (TU) for 2 investors (Alan and Bob) is as follows:

Alan Bob

Income TU Income TU

5,000 14 5,000 6

10,000 24 10,000 14

15,000 32 15,000 24

20,000 38 20,000 36

25,000 43 25,000 52

30,000 47 30,000 72

35,000 49 35,000 100

Each investor has been confronted with the following three investment opportunities. The first opportunity is an investment which pays 15,000 risk free. Opportunity two offers a 0.4 probability of a 25,000 payment and a 0.6 probability of a payment of 10,000. The final investment will either pay 35,000 with a probability of 0.25 or 5,000 with a probability of 0.75.

The expected utility of the second opportunity for Bob is