Determine the expected monetary value for the new product

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Reference no: EM132282611

A candy company developed a new consumer product that is expected to earn $7 in profit each year if consumer demand is low, $17 per year if consumer demand is moderate, and $36 per year if consumer demand is high. The probability of low, moderate, and high demand is 35%, 45%, and 20%, respectively. Determine the expected monetary value (EMV) for the new product.

Reference no: EM132282611

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