Kohls Candy Company developed a new consumer product that is expected to earn $ 4,000 in profit

Question:

Kohls Candy Company developed a new consumer product that is expected to earn $ 4,000 in profit each year if consumer demand is low, $ 20,000 per year if consumer demand is moderate, and $ 36,000 per year if consumer demand is high. The probability of low, moderate, and high demand is 30%, 45%, and 25%, respectively. Determine the EMV for the new product.