A candy company developed a new consumer product that is expected to earn $1,000 in profit each year if consumer demand is low, $20,000 per year if consumer demand is moderate, and $39,000 per year if consumer demand is high. The probability of low, moderate, and high demand is 35%, 40%, and 25%, respectively. Determine the expected monetary value (EMV) for the new product. EMV = $ (Type an integer or a decimal.)

A First Course in Probability (10th Edition)
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ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
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A candy company developed a new consumer product that is expected to earn $1,000 in profit each year if consumer
demand is low, $20,000 per year if consumer demand is moderate, and $39,000 per year if consumer demand is
high. The probability of low, moderate, and high demand is 35%, 40%, and 25%, respectively. Determine the
expected monetary value (EMV) for the new product.
EMV = $ (Type an integer or a decimal.)
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Transcribed Image Text:A candy company developed a new consumer product that is expected to earn $1,000 in profit each year if consumer demand is low, $20,000 per year if consumer demand is moderate, and $39,000 per year if consumer demand is high. The probability of low, moderate, and high demand is 35%, 40%, and 25%, respectively. Determine the expected monetary value (EMV) for the new product. EMV = $ (Type an integer or a decimal.) www
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