Garys Pipe and Steel company expects sales next year to be $700,000 if the economy is strong, $400,000 if the economy is steady, and $250,000 if the economy is weak. Gary believes there is a 20 percent probability the economy will be strong, a 50 percent probability of a steady economy, and a 30 percent probability of a weak economy.

What is the project sales for next year?

a.$400,000

b.$415,000

c.$475,000

d. $500,000