What is the expected selling price of the property, Operation Management

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What is the expected selling price of the property

Assignment:

Question:

You are thinking of selling your house and you reckon that there is a 0.1 probability that you will sell it for $120000, a 0.5 probability that you will receive $100000 for it and a 0.4 probability that you will only receive $80000. What is the expected selling price of the property? Interpret your result.

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