with equal probability. The proportion of informed traders is 4096 , whereas the proportion of liquidity traders is 60%. As usual. liquidity traders buy or sell with equal probability. whereas informed traders only buy when they know the security price is high. and sell when they know the security price is low. The conditional expectation of V, conditional that the first trade is a buy is: E[VBuy]=170 (B) E[VBuy]=180 (C) E[VBuy]=200 (D) E[VBuy]=220 (E) E[VBuy]=230 (F) None of the above