A group of students raise money each year by selling souvenirs outside the stadium of a football match between teams A and B. They can buy any of three different types of souvenirs from a supplier. Their sales are mostly dependent on the outcome of the match. The amount of money they make is summarized in the following payoff table

Souvenir A

Souvenir B

Souvenir C

Team A Wins

$1200

$800

$300

Result is a draw

$800

$600

$500

Team B Wins

$250

$700

$800

After studying the form of each team they have determined the following probabilities:

Match outcome

Team A wins

Draw

Team B wins

Probability

0.1

0.4

0.5

a)Calculate the expected monetary value (EMV) for each possible decision.Which souvenir would you select to maximise the expected monetary value?