Ed Tompkins, the assistant dean of a business school, has applied for the position of dean of the school of business at a much larger university. The salary at the new university has been advertised as $120,000, and Ed is very excited about this possibility for making a big career move. He has been told by friends within the administration of the larger university that his resume is impressive and his chances of getting the position he seeks are "about 60%." If Ed stays at his current position, his salary next year will be $70,000.
Assuming that his friends have accurately assessed his chances of x 8 x 10 success, what is Ed's expected salary for next year?