Over the last few months, Ithaca Precision Instruments (P) obtained the following measurements on a key quality characteristic of its product Observed Quality Characteristic 0.46 Probability 0.05 0.47 0.10 0.48 0.12 0.49 0.15 0.50 0.30 0.51 0.12 0.52 0.10 0.53 0.54 0.05 0.01 The company's experience has been that a customer will reject a product that deviates from the target quality characteristic of 0.50 by more than 0.004. Each rejection costs the firm an estimated $5.00. Determine the expected total quality loss of the observed quality characteristic for IPI. Round final steps of calculation to 4 decimal places (e.g. $18.89568 becomes $18.8957) Multiple Choice $78.1250 $312.5000 $7125 31061250 $31.2500