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In a bad economy, a CEO has a 4 % chance of meeting earnings estimates at regular effort, and a 5 % chance at extraordinary

In a bad economy, a CEO has a

4 %

chance of meeting earnings estimates at regular effort, and a

5 %

chance at extraordinary effort. Extraordinary effort costs the CEO $

10, 000 .

How large a bonus should the CEO be paid for meeting estimates to encourage extraordinary effort?

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