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A candy company developed a new consumer product that is expected to earn $5,000 in profit each year if consumer demand is low, $18,000
A candy company developed a new consumer product that is expected to earn $5,000 in profit each year if consumer demand is low, $18,000 per year if consumer demand is moderate, and $33,000 per year if consumer demand is high. The probability of low, moderate, and high demand is 30%, 50%, and 20%, respectively. Determine the expected monetary value (EMV) for the new product. EMV=$ (Type an integer or a decimal.)
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