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1- (10 points) Calculate the annual expected flood control benefits using the expected value formula. Hint: You can find that formula on Slide #13 (Treatment

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1- (10 points) Calculate the annual expected flood control benefits using the expected value formula. Hint: You can find that formula on Slide #13 ("Treatment of risk") in CBA lecture slides. Note that the formula given there refers to a case where you have only two outcomes ("good" and "bad"), whereas here we have three ("dry", "wet", and "very wet"). So, you must have three terms in your expected value formula instead of two

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