Question: Suppose you have a project that has two possible outcomes in one year. In the successful state, the project pays off $1200 and this state

Suppose you have a project that has two possible outcomes in one year. In the successful state, the project pays off $1200 and this state occurs with a 60% probability. In the unsuccessful state the project pays $600. What is the expected payoff of the project one year from today?

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