Mike has a utility function expressed by U(W)= W0.5, where W stands for wealth (assuming wealth is positive, i.e. W>0), and U(W) is the utility given a certain level of W. Mike has initial wealth of $10,000. Mike feels that he faces the following probability distributions of losses with respect to his wealth: Loss Amount ($) Probability 70% $1,000 20% $8.000 10% $0 If Mike's utility function is changed to U(W)=W0.2, the maximum premium he is willing to pay will be __. If the function is changed to U(W)=5W, the maximum premium he is willing to pay will be Higher; lower Higher; the same Lower; higher Lower; the same