An investment counselor calls with a hot stock tip. He believes that if the economy remains strong, the investment will result in a profit of

$60,000.

If the economy grows at a moderate pace, the investment will result in a profit of

$10,000.

However, if the economy goes into recession, the investment will result in a loss of

$60,000.

You contact an economist who believes there is a

20%

probability the economy will remain strong, a

70%

probability the economy will grow at a moderate pace, and a

10%

probability the economy will slip into recession. What is the expected profit from this investment?