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Emily is thinking of opening a small boutique early next year Her profits depend on...

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Basic Math

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Emily is thinking of opening a small boutique early next year Her profits depend on how the economy does next year If the economy does very well she will earn a profit of 80 000 if the economy does so so she will earn a profit of 20 000 and if the economy does poorly she will lose 40 000 According to reliable forecasts the economy could be doing very well so so or poorly with probabilities 0 1 0 6 and 0 3 respectively What is her expected profits 20 000 60 000 32 000 46 667 8 000 2 666 67

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