Due to uncertain economic conditions the owners of an independent bookstore estimate the following probabilities for moderate growth, the status quo and recession for next year and their associated profits for each scenario. What is their expected profit for next year?
(Imagine this as a table)
Growth, Probability, Estimated Profit
Moderate Growth, 0.35, $250,000
Status Quo, .45, $200,000
Recession, .20, $100,000
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