[Study guide - Midterm 2 - different numbers] A retailer is considering building a large store. If the local economy experiences expansion, the firm expects the store to earn a $2,000,000 profit next year. If the local economy experiences a contraction, the firm expects the store to lose $400,000 next year. Analysts estimate a 30% chance for the local economy to experience an expansion next year (hence an 70% chance for contraction). What is the expected monetary value (EMV) of building the large store? O $720,000 $320,000 O $1,520,000 O $2,000,000 $1,600,000