The probability of a recession is 0.3, the probability of normal growth is 0.4 and the probability

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The probability of a recession is 0.3, the probability of normal growth is 0.4 and the probability of a boom is 0.3. The payoff in the event of a recession is $200, in the event of normal growth is $300 and in the event of boom is $600. What is the expected payoff?

a. $260

b. $360

c. $480

d. None of the above

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