Problem 2 (8 points): A machine shop owner is attempting to decide whether to purchase a new drill press, a lathe, or a grinder. The return from each will be determined by whether the company succeeds in getting a government military contract. The profit or loss from each purchase and the probabilities associated with each contract outcome are shown in the following payoff table: Purchase Drill Press Lathe Grinder Contract 0.60 $40,000 $30,000 $15,000 No Contract 0.40 $-6,000 $5,000 $12,000 Compute the expected value for each purchase, and select the best option of purchase