I NEED HELP STEP BY STEP PLEASE IM CONFUSED.

Your bakery paid $370 to set up a booth at a local festival, to try to reach new customers. You expect 8,900 people to visit the festival, and figure that many of them are the kind of people who would patronize your bakery. Customer lifetime value for your bakery customers averages $175. If there is a 30% chance of converting one booth visitor into a customer, what would be the value to the bakery of one of these customer prospects? Rounding: penny. Your Answer: Answer Question 3 (1 point) Customer lifetime value for your firm's customers averages $3,980. A list broker offers to sell to your company access to a list of 500 leads--prospective customers for your business. You figure that maybe 42% of these leads are actual prospects, and that you would have a 20% chance of converting each one of those into a customer. What is the value of this whole list to your firm? In other words, what is the maximum amount that you should pay for access to this list? Rounding: dollar