A plant manager considers the operational cost per hour of five machine alternatives. The cost per hour is sensitive to three potential weather conditions: cold, mild, and warm. The following table represents the operations cost per hour for each alternative-state of nature combination:

Alternatives

States of Nature

EMV

Weather related cost per hour

Cold cost/day

Mild cost/day

Warm cost/day

Machine 1

$42

$40

$45

Machine 2

$45

$42

$47

Machine 3

$40

$35

$54

Machine 4

$60

$30

$48

Machine 5

$45

$40

$45

0.3

0.5

0.2

Assume that for a randomly selected day, there is a 30% probability of cold weather, 50% probability of mild weather, and 20% probability of warm weather. What is the EVPI?