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Find the expected value

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The BNT Drilling Company is planning to drill an oil well at a certain location in Bacoor, Cavite. According to analysis, there is 30% chance of hitting oil, a 20% chance of hitting gas, a 10% chance of hitting a combination well and a 40% chance of hitting an empty well. It is estimated that the net return would be P950, 000.00 for an oil well, P600, 000 for a gas well, P1.5 million for a combination well, and a loss of P300, 000 for an empty well. Find the expected value.

Reference no: EM132407651

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