A CD has a 5% chance of being a smash hit and profiting $5.2 million, a 50% chance of being a modest success and profiting $0.9
million, and a 45% chance of being a flop and breaking even. What is the expected earnings value of the CD?
1 answer:
The probability of profiting $5.2 million is 5% = 0.05
The probability of profiting $0.9 million is 50% = 0.5
The probability of breaking even, meaning no profit gain, is 45% = 0.45
Expected profit values of the CD is given by
(0.05×5.2) + (0.5×0.9) + (0.45×0) = 0.26+0.45+0 = 0.71 million
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