Case 1: Joint Probabilities Mr.X is planning to open a new salon. Annual revenue will depend on how successful the marketing campaign is, and the potential outcomes are as follows: Marketing Campaign High success Moderate success Low success p 10% 70% 20% Revenue 1,000,000.00 700,000.00 500,000.00 Costs are difficult to predict as the price of hair products and the labor market are volatile. The best estimates for the average costs are as follows: Materials: Percentage of revenue 5 40% 10 50% 15 10% Labor: Percentage of revenue 40 20% 50% 30% 45 50 The fixed overhead of the salon is expected to be P10,000 per month. Required: What is the expected annual profit of the salon