letra Co. is considering two mutually exclusive projects, both of which have an economic service life of one year with no salvage value. The initial cost and the net- year-end revenue for each project are given in the following table: ~19 Project1 Project 2 Initial Cost $1,200 $1,000 Probability Revenue Probability Revenue - 0.25 $1,800 0.3 $2,400 + _ - 0.35 $2,200 0.3 $1,600 ' Net Revenue given In PW 015 $3,500 0.2 $2,700 0.2;3 | $2,600 0.2 $2,800 + R Assuming both projects are statistically independent of each other, a. Calculate the expected value for each project. b. Calculate the variance for each project. [ 0. Which project should be chosen? Why