D Question 1 2 pts Alex is choosing whether to buy insurance against the risk of theft of his new mobile phone. He has savings of $40,000. His (von Neumann-Morgernstern) utility function over income x is u(x) = x1/2. If his phone is stolen and he doesn't have insurance, he will need to pay $1584 for a new phone. A company offers full insurance that will pay out $1584 if the phone is stolen. What is the highest price Arthur will be willing to pay for the insurance if the probability of having his phone stolen is 0.3? $563.74 $319.36 None of the above O $478.56 O $679.27