The national sales manager for "I colored this" (ICT) T-shirts, provides all salespersons with the payoff table shown below, giving the estimated profit when a retailer purchases from 1 to 4 dozen T-shirts. The probability of demand for each state of nature is also shown. 
What is the expected payoff for purchasing 2 dozen T-shirts?
Definitions:
Market Rate
The prevailing price or interest rate at which goods, services, or securities are bought and sold in a competitive marketplace.
Present Value
The current worth of a future sum of money or stream of cash flows given a specified rate of return.
Present Value
The current financial worth of a prospective amount of money or sequence of monetary flows, considering a set rate of return.
Annuity
An investment vehicle that provides a steady flow of payments to a person, often utilized as a source of income for those in retirement.
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