Jo Thomkins must decide whether or not to proceed with aparticular investment pr

Jo Thomkins must decide whether or not to proceed with aparticular investment project. If the project succeeds Jo willgain $15 million. If the project fails she will lose $3 million.Jo estimates that there is a 20% chance that the project willsucceed and an 80% chance that it will fail.A consultant could tell Jo with certainty if the project willsucceed or fail but only for a fee. What is the most that Joshould be willing to pay the consultant for the information?Explain. Assume that Jo has correctly estimated the probabilitiesof the projects likely success and failure.