Wilfred's expected utility function is px0.5 + (1 − p)x9.5, where p is the probability that he consumes X₁ and 1 - p is the probability that he consumes x2. Wilfred is offered a choice between getting a sure payment of $Z or a lottery in which he receives $2500 with probability p = 0.6 and $8700 with probability 1 - p. • Wilfred will choose the sure payment if Z > CE and the lottery if Z < CE, where the value of CE is equal to (please round your final answer to two decimal places if necessary)
