The Above Table Provides the Possible Prices for a Bushel

question 48

Multiple Choice

The above table provides the possible prices for a bushel of corn next year along with the associated probabilities (in percent) .
-Refer to the table above. If these are the only three price options for a bushel of corn, what is the expected value of the price of a bushel of corn?

• A)$2.50
• B)$2.78
• C)$3.00
• D)$2.25