Caitlin Elizabeth is a project analyst at Market Fresh Foods and has just heard an alarming industry rumor. Market Fresh has been developing an innovative new product and is only 128 days away from its big market introduction. However, Caitlin has learned that a major competitor has been quietly working on a similar product and may actually enter the market first. Every day the competitor beats Market Fresh to market costs the company a revenue loss of 6503.87 British pounds per day.

The table below presents likely competitor entry times and Caitlin's estimates of their associated likelihood. Please help Caitlin calculate the following:

 

Entry Days Entry Days 60 60 97 97 133 133 170 170 206 206 243 729 243 729 Expected loss in British pounds: Probability Market Fresh enters market first: Probability competitor enters market first: (enter answer to 2 decimal places) (enter answer to 4 decimal places) (enter answer to 4 decimal places) You can use the following to save time and reduce data entry errors. Copy/paste the values below as the arguments to the c(...) function to create a vector. Entry Days: 60, 97, 133, 170, 206, 243, 729 Entry Days.1: 60, 97, 133, 170, 206, 243, 729