You need to hire some new employees to staff your start-up

Question

Hiring Employees

You need to hire some new employees to staff your start-up venture. You know that potential employees are distributed throughout the population as follows, but you can’t distinguish among them:

Employee Value       Probability

$50,000                0.25

$60,000                0.25

$70,000                0.25

$80,000                0.25

What is the expected value of four employees you hire?