Garys Pipe and Steel company expects sales next year to be $1,010,000 if the economy is strong, $705,000 if the economy is steady, and $386,000 if the economy is weak. Gary believes there is a 25 percent probability the economy will be strong, a 45 percent probability of a steady economy, and a 30 percent probability of a weak economy. What is the expected level of sales for next year?

Garys Pipe and Steel company expects sales next year to be $1,010,000 if the economy is strong, $705,000 if the economy is steady, and $386,000 if the economy is weak. Gary believes there is a 25 percent probability the economy will be strong, a 45 percent probability of a steady economy, and a 30 percent probability of a weak economy.

What is the expected level of sales for next year?