John is interested in purchasing a multi-office building containing five offices. The current owner provides the following probability distribution indicating the probability that the given number of offices will be leased each year.
| Number of Lease Offices |
0 |
1 |
2 |
3 |
4 |
5 |
| Probability |
5/32 |
3/16 |
3/32 |
1/4 |
9/32 |
1/32 |
If each yearly lease is $12,000, how much could John expect to collect in yearly leases for the whole building in a given year?(in dollars)
a) E(X) = $28,865.00
b) E(X) = $28,795.00
c) E(X) = $28,875.00
d) E(X) = $28,825.00
e) E(X) = $28,965.00