Reference no: EM132883040

Hooper Chemical Company, a major chemical firm that uses such raw materials as carbon and petroleum as part of its production process, is examining a plastics firm to add to its operations.

Before the acquisition, the normal expected outcomes for the firm were as follows:

                       Outcomes ($ millions)       Probability

Recession                  $30                          0.1

Normal economy         50                             0.3

Strong economy        70                               0.6

Problem 1: Compute the expected value, standard deviation, and coefficient of variation prior to the acquisition. (Do not round intermediate calculations. Enter your dollar answers in millions rounded to 2 decimal places (e.g., $12,300,000 should be entered as "12.30"). Round the coefficient of variation to 3 decimal places.)