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Calculate the expected value

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Question - The event organizers have been clear, the $2000 booth purchase fee is non-refundable even if the convention is cancelled, so you have to help decide if it is worth the risk. After doing some research, you estimate about a 65% chance the event will take place. If the event takes place, you suspect an 80% chance that the new business Modus attracts could bring in $10, 000 and a 20% it only brings in $2,000. Calculate the expected value?

Reference no: EM132804350

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