Problem $15-4$ IPO Underpricing $[$LO$3]$

The Woods Company and the Koepka Company have both announced IPOs at $$63$ per share. One of these is undervalued by $$11,$ and the other is overvalued by $$4,$ but you have no way of knowing which is which. You plan to buy $1,000$ shares of each issue. If an issue is underpriced, it will be rationed, and only half your order will be filled.

a$.$ If you could get $1,000$ shares in Woods and $1,000$ shares in Koepka, what would your profit be$?($Do not round intermediate calculations.$)$

b$.$ What profit do you actually expect? $($Do not round intermediate calculations.$)$

$\backslash$table$[[$a$.$ Profit,$],[$b$.$ Expected profit,$$