(Answered) A company is trying to beat the competition to market with

Statistics

A company is trying to beat the competition to market with a product. They have determined that if they get to market prior to November 1 they will have a revenue stream of $800,000. If they get to market between November 1 and November 30 the revenue stream will be $500,000. If they get to market December 1st or later, the estimated revenue stream is $150,000. The production team has determined the probability of getting to market prior to November 1 is 0.2. The probability of getting to market between November 1 and November 30 is 0.3. The probability of getting to market December 1 or later is 0.5. What is the expected value of this revenue stream?

A. $385,000

B. $483,333

C. $580,000

D. $150,000

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