Prospect Y = ($5, 0.25 ; $16, 0.75)

If Will's utility of wealth function is given byu(x)=x^0.25, what is the value of CE(Y) for Will? (In other words, what is Will's certainty equivalent for prospect Y?)

(The certainty equivalent represents the maximum amount a person would be willing to pay to acquire a risky prospect, and equivalently, the lowest price for which they would be willing to sell a risky prospect if they already owned it)

(Note: The answer may not be a whole number; please round to the nearest hundredth)