Suppose that you just bought a painting for $1 million. You plan to sell it exactly one year from now. You don’t know what the exact price will be when you sell. Nevertheless, you believe that there’s...

Suppose that you just bought a painting for $1
million. You plan to sell it exactly one year from
now. You don’t know what the exact price will be
when you sell. Nevertheless, you believe that
there’s a 65% chance that you can sell it for
$1.2million, and a 35% chance that you can sell it
for only $900,000. What is your expected gain or
loss for this investment?